Abha Power and Steel SME IPO Sees Strong Demand Amid Subscription Period

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Abha: Abha Power and Steel Limited's Small and Medium Enterprise (SME) initial public offering (IPO) is witnessing robust interest, with total bids surpassing 3.4 crore shares as of November 29, 2024, halfway through its three-day subscription period. The IPO, which opened on November 27, is set to close on November 29.

Retail individual investors (RIIs) have been the driving force behind the overwhelming participation, with 17,407 applications — about 93% of the total — bidding for 2.78 crore shares. Non-institutional investors have also contributed significantly, with 1,265 applications for 61.96 lakh shares, where individual investors account for the majority. However, Qualified Institutional Buyers (QIBs) have shown limited interest, submitting only one application for 3,200 shares. The SME IPO offering stands at 51.39 lakh shares, and the current subscription rate has reached an impressive 6.3 times the offer size, indicating strong market interest.