On Wednesday, December 4th, Abha Power and Steel Ltd. had a quiet debut on the stock exchange. The stock appeared on the NSE Emerge platform at a premium of more than 9%. Compared to its initial public offering (IPO) price of ₹75, shares of Abha Power and Steel stock opened the session at ₹81.90, up 9.2%. But minutes after trading began, the share price fell 5%, reaching the day’s low of ₹77.8 per share.
Since the Abha Power and Steel IPO had a minimum bid quantity of 1,600 shares, bidders who were given shares of the business in the primary issue were sitting on a profit of ₹11,040 (₹6.9 x 1,600) as soon as the stock began trading on the exchange market.
Abha Power and Steel Listing Details
The share price of Abha Power and Steel was launched on the NSE SME at ₹81.90 at market opening, which was 9.20% higher than the IPO price. Compared to the IPO issue price, the listing price is a reasonable premium. Abha Power and Steel’s initial public offering (IPO) price was ₹75 per share. Compared to the issue price, the listing price was 9.20% higher. The stock was down almost 5% from its offering price at ₹77.80 at 12:18 PM IST.
Abha Power and Steel GMP Today
The GMP, or Abha Power and Steel IPO Grey Market premium, was ₹15, meaning that Abha Power shares were offered in the Grey Market at a premium of ₹15 above the issue price. Additionally, it showed that market participants expected Abha Power Steel shares to be listed at ₹90, which is 20% more than the upper band of the issue price of ₹20. The listing of Abha Power and Steel shares at a 9.2% premium fell short of solid expectations.
About Abha Power and Steel
Abha Power and Steel was established in 2004 and produces steel and iron goods. The company manufactures mild steel, manganese steel, and stainless steel castings, among other things. Situated in Bilaspur, Chhattisgarh, the industrial plant spans over 319,200 square feet. The company supplies steel, power, cement, and other sectors in addition to producing parts for the Indian Railways.
