ABS Marine Services shares list at 100% premium over issue price

The , which was completely a fresh equity issue of 65.5 lakh shares, received a healthy subscription from investors with an overall subscription of over 100 times at close.

The net proceeds from the public offer will be used for purchase of software, to meet working capital requirements and other general corporate purposes.

The company is a fully integrated company with in-house complete vessel management including commercial management. Its customers are primarily the Government of India, large industrial concerns, public sector undertakings, port authorities and private sector.
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It has also entered into 10 strategic contracts with government agencies which contributes towards from operations. Out of the ten contracts, one major contract with the Ministry of Earth and Science (MOES) contributes towards the company's 23.50% of the revenue from operations.

The company's income is principally generated from the ship owning, ship chartering and activities which contributed more than 90% of its total income for FY24, 2023 and 2022 respectively.

ABS Marine's business is directly impacted by levels of economic activity in general, and international shipping volumes, particularly in the energy-related shipping sector.

India is strategically located on the world’s shipping routes with a coastline of approximately 7,517 km. As of 2021, the country owns over 30% global market share in the ship breaking industry and is home to the largest ship-breaking facility in the world at Alang.

For the period ended March 2024, the company clocked revenues of Rs 135 crore and net profit of Rs 23.55 crore.

acted as the lead manager to the issue and was the registrar.