Abha Power and Steel shares list at 9% premium over IPO price on NSE SME platform

The shares of Abha Power and Steel debuted with a premium of 9.2% over its issue price of Rs 75 on Wednesday. The shares were listed at Rs 81.9 on the NSE SME platform.

The Rs 38 crore SME IPO received a decent subscription of over 18 times at close, thanks to bidding from retail and non-institutional investors.

The company plans to use the net proceeds from the fresh issue to fund capital expenditures for modernizing and upgrading its manufacturing facilities in Bilaspur, Chhattisgarh, aiming to expand its product portfolio. Additionally, the funds will support the company’s working capital requirements.


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Strategically located in mineral reach, densely industrialized and one of the steel hubs of central India i.e. state of Chhattisgarh, the company is engaged in the business of iron and steel foundry, more particularly in the business of casting and manufacturing customised products in mostly all grades of iron and steel.

Its versatile product portfolio covers all grades of mild steel, spheroidal graphite cast iron, manganese steel, stainless steel, low alloy and high alloy castings (high CR & high Ni), HRCS & WRCS, from as small as 0.5 Kgs to 6 Tonnes single finished casting.

The company is also a RDSO certified vendor for supply of certain casting products to Indian Railways and an approved vendor for supply of certain casting products to National Mineral Development Corporation and Integral Coach Factory, Chennai.

It is also holding a PED Certificate from TUV-Nord which certifies our quality management system for manufacturing of castings and makes us eligible for supply of pressure equipment to European nations.

Over the years, the company has leveraged its expertise, processes and infrastructure to cater to diverse industries such as Indian Railways, steel, cement, heavy engineering, mining, power, etc. It offers to customers a comprehensive range of both standard and customised products.

For the financial year ending March 31, 2024, the company reported a 6% revenue decline but achieved a remarkable 170% growth in profit after tax (PAT) compared to the previous year.