Abha Power and Steel IPO Closed
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Schedule of Abha Power and Steel
| Issue open date | 27 Nov 2024 |
| Issue close date | 29 Nov 2024 |
| UPI mandate deadline | 29 Nov 2024 (5 PM) |
| Allotment finalization | 02 Dec 2024 |
| Refund initiation | 03 Dec 2024 |
| Share credit | 03 Dec 2024 |
| Listing date | 04 Dec 2024 |
| Mandate end date | 14 Dec 2024 |
| Lock-in end date for anchor investors (50%) | 01 Jan 2025 |
| Lock-in end date for anchor investors (remaining) | 02 Mar 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Abha Power and Steel
Abha Power and Steel is strategically located in Chhattisgarh, a steel hub of central India, they specialize in manufacturing customized iron and steel castings across diverse grades such as mild steel, spheroidal graphite iron, manganese steel, and high-alloy castings. Certified by RDSO, PED, and ISO 9001:2015, it supplies to Indian Railways, NMDC, and global markets like UAE, Germany, and Canada. With over 1,000 products and a focus on quality, sustainability, and customer retention, the company operates two foundries in Bilaspur, supported by advanced infrastructure, technical expertise, and a 2.99 MW captive solar power plant. Established in 2004, its capacity stands at 14,400 MTPA, with plans to expand renewable energy use to enhance self-sufficiency.
Financials of Abha Power and Steel
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹39.54 crores |
| Fresh Issue | ₹31.04 crores |
| Offer for Sale | ₹7.50 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Modernization and upgradation of the manufacturing facilities | 16.40 (52.80%) |
| Working capital requirements | 3.00 (9.66%) |
| General corporate purposes | 7.45 (24%) |
Strengths
- Strategic location ensures efficiency.
- Certified diverse products access global markets.
- Strong ties with key clients stabilize revenue.
- Solar power plants lower energy costs.
Risks
- Raw material cost fluctuations impact margins.
- Facility disruptions affect production.
- Reliance on a few clients risks revenue.
- Regulatory changes threaten operations.