ABS Marine Services IPO: Offshore vessel management company sets sail for public debut

ABS Marine Services, a renowned offshore vessel management company, is gearing up for its much-anticipated Initial Public Offering (IPO) scheduled to launch on May 10, 2024. This IPO, tailored for small and medium enterprises (SMEs), offers investors an opportunity to partake in the company’s growth story. Here’s everything you need to know about ABS Marine Services’ IPO:

Offering details:

• Price band: The IPO’s price band is set between ₹140 to ₹147 per share.
• Fundraising objective: ABS Marine Services aims to raise over ₹96.29 crore through the issuance of 65.5 lakh fresh shares.
• Investment options: Investors can bid for a minimum of 1000 shares and in multiples thereof. The minimum investment mandated for retail investors is ₹147,000.

Allocation breakdown:

• QIBs: Reserved not more than 50% of the issue.
• Retail investors: Allocated not less than 35% of the issue.
• NIIs: Reserved not less than 15% of the issue.

Key dates:

• Subscription deadline: May 15, 2024.
• Allotment conclusion: Expected by May 16, 2024.
• Listing date: Tentatively scheduled for May 21, 2024, on the NSE SME platform.

Management and Partnerships:

• Promoters: The company is backed by Captain P B Narayanan, Shreelatha Narayanan, Arathi Narayanan, and Captain Jeevan Krishnan Sanjeevan.
• Lead manager: GYR Capital Advisors Private Limited.
• Registrar: Purva Sharegistry India Pvt Ltd.
• Market makers: Giriraj Stock Broking and Commodity Mandi.

Company overview:

• Establishment: ABS Marine Services Limited was founded in October 1992.
• Vessel portfolio: As of December 31, 2023, the company manages a fleet of five vessels, including two advanced offshore vessels and three harbor vessels.
• Service spectrum: In addition to vessel management, the company provides crew management services for a diverse range of vessels, including oil tankers, gas carriers, bulk carriers, passenger ships, and high-speed vessels.
• Financial performance: Notably, ABS Marine Services witnessed a commendable 21.27% increase in revenue and a significant rise of 147.22% in profit after tax (PAT) for the financial year ended on March 31, 2024.

With a robust track record in vessel management and promising financial performance, ABS Marine Services’ IPO presents an enticing opportunity for investors seeking exposure to the maritime sector’s growth potential. Stay tuned for updates as the company sets sail towards its public debut.