ABS Marine Services was incorporated on October 27, 1992. The company began operations managing two offshore vessels. Currently, it owns five vessels, including two advanced offshore vessels servicing the oil and gas sector and three harbour crafts serving the Indian ports sector. Additionally, it has one long-term chartered specialised multipurpose offshore vessel for the oil and gas sector. ABS Marine Services also carries out total ship management for 12 vessels owned by the government, public sector undertakings, private companies, and port authorities. Furthermore, it provides crew management services to an additional 24 ships, which include oil tankers, gas tankers, bulk carriers, passenger vessels, and high-speed crafts.
| Bidding Dates |
|---|
| 10 May 2024 - 15 May 2024 |
| Subscription |
|---|
| 133.1x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,40,000 | 1 | 1 | 1000 | 6.5 M | ₹140 - ₹147 | 63.42 % | ₹917.0 M - ₹962.9 M | RHP DOC |
ABS Marine Services IPO SUBSCRIPTION STATUS
15 May '24ABS Marine Services IPO overall subscription rate was 133.1 times the total available shares
ABS Marine Services IPO retail subscription rate was 146.86 times in the retail segment
ABS Marine Services IPO non-institutional investor subscription rate was 354.65 times in the non-institutional investor category
ABS Marine Services IPO Qualified Institutional Bidder subscription rate was 57 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 May 2024 (Day 4) | 146.86x | 354.65x | 57x |
14 May 2024 (Day 3) | 33.37x | 24.52x | 2.51x |
13 May 2024 (Day 2) | 12.57x | 9.39x | 0.67x |
10 May 2024 (Day 1) | 1.88x | 1.55x | 0.47x |
ABS Marine Services FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 235.5 | 1,351.6 | 115.6 | 9.0 | 33.1% |
| FY23 | 95.3 | 115.8 | 46.5 | -30.9 | 27.2% |
| FY22 | 80.9 | 716.3 | 151.8 | 358.3 | 43.2% |
ABS Marine Services IPO SUBSCRIPTION STATUS DETAILS
ABS Marine Services had 6.5 M shares on offer
ABS Marine Services IPO offer price was in the range ₹140 - ₹147
ABS Marine Services IPO minimum Investment was ₹140000
ABS Marine Services IPO issue size was ₹ 917.0 M - ₹ 962.9 M
ABS Marine Services had a minimum lot size of 1000 Shares per application
ABS Marine Services NUMBER OF SHARES ON OFFER
ABS Marine Services IPO IMPORTANT DATES
| Issue Open Date | 10 May 2024 |
| Issue close Date | 15 May 2024 |
| Allotment Date | 16 May 2024 |
| Refund Date | 17 May 2024 |
| Demat Account Credit Date | 17 May 2024 |
| Listing Date | 21 May 2024 |
| Listing on Exchange(s) | NSE |
| ABS Marine Services Allotment Status | Exchange |
ABS Marine Services IPO subscription opened on 10 May 2024, and closed on 15 May 2024
IPO allotment for ABS Marine Services was finalized on Thursday, 16 May 2024
IPO listing for ABS Marine Services was on NSE on Tuesday, 21 May 2024
ABS Marine Services IPO LISTING GAINS
| Issue Price (adjusted) | 147.0 |
| Listing Open Price | 294.0 |
| Listing Close Price | 279.3 |
| Listing Gain% | 100.0% |
| Current Gain% | 49.0% |
ABS Marine Services Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ABS Marine Services Ltd. | 219 | 537.8 | 6.6 | 0 | 1.7 | 26.2 | 11 | 322.6 | 75.1 | 81.6 | 200.7 | 33.2 | 200.7 |
| Adani Ports & Special Economic Zone Ltd. | 1693.5 | 365819.5 | 27.9 | 1.7 | 9 | 13.3 | 6.9 | 40854.4 | 26.2 | 12806.2 | 15.5 | 60.7 | 16.1 |
| JSW Infrastructure Ltd. | 335.8 | 78229.8 | 52.7 | -7.6 | 14 | 14 | 7.5 | 5707.4 | 18.2 | 1523.3 | 1.3 | 6.4 | -6.9 |
| Cochin Shipyard Ltd. | 1519.7 | 39980.4 | 55.8 | -4.2 | 8 | 12.2 | 4.9 | 5431.7 | 4.3 | 716.7 | -13.4 | 27.2 | -13.4 |
| Aegis Vopak Terminals Ltd. | 285.3 | 31611 | 126.4 | 1.9 | 36.7 | 7.2 | 3.7 | 960.5 | 48.4 | 310.5 | 144 | 2.3 | 67.7 |
| Gujarat Pipavav Port Ltd. | 151.6 | 7330.4 | 14.2 | 0.5 | 6.3 | 21.6 | 17 | 1231.7 | 15.2 | 515.2 | 29.8 | 10.7 | 29.8 |
ABS Marine Services INFORMATION ON IPO ISSUE
About ABS Marine Services
ABS Marine Services was incorporated on October 27, 1992. The company began operations managing two offshore vessels. Currently, it owns five vessels, including two advanced offshore vessels servicing the oil and gas sector and three harbour crafts serving the Indian ports sector. Additionally, it has one long-term chartered specialised multipurpose offshore vessel for the oil and gas sector. ABS Marine Services also carries out total ship management for 12 vessels owned by the government, public sector undertakings, private companies, and port authorities. Furthermore, it provides crew management services to an additional 24 ships, which include oil tankers, gas tankers, bulk carriers, passenger vessels, and high-speed crafts.
Object of the Issue
- Acquistion of off shore vessel
- Funding the working capital requirements of te company
- General corporate purposes
ABS Marine Services - PROMOTERS
| Name |
|---|
| P B Narayanan |
| Shreelatha Narayanan |
| Arathi Narayanan |
| Jeevan Krishnan Sanjeevan |
ABS Marine Services Lead Manager of the Issue
GYR Capital Advisors Private Limited
info@gyrcapitaladvisors.com
ABS Marine Services Registrar to the issue
Purva Share Registry India Private Limited
newissue@purvashare.com
ABS Marine Services Strengths
Established brand name
Since starting its operations in 1992, the company has established a strong reputation and built solid customer relationships with various public sector undertakings and government entities
Diversified fleet
The company's fleet, which it fully owns, charters, manages, and crews, includes state-of-the-art DP-2 multipurpose offshore supply vessels, anchor handling towing supply vessels, multidisciplinary ocean research vessels, coastal research vessels, fishery oceanographic research vessels, bulk carriers, gas tankers, oil tankers, passenger vessels, high-speed crafts, and harbour crafts. This diverse fleet allows the company to offer a wide range of maritime services
Well-positioned to grow
Since its inception in 1992, the company has expanded its business operations from management services to ship ownership and chartering, project management, and fire services. This diversification positions the company well to capitalize on the expected future growth of the Indian economy
ABS Marine Services Risks
Dependent on few clients
The company's business is heavily dependent on a few key clients who contribute the majority of its revenue from operations. Any loss of business from these clients could adversely affect the company's revenues and profitability
Volatile fuel cost
An increase in fuel prices or other operating costs could have an adverse impact on the company's profit margins
Negative cash flow
The company has experienced negative cash flow in the past and may continue to face negative cash flows in the future. This could have a material adverse effect on the business, prospects, financial condition, cash flows, and results of operations
IPO FAQs
The promoters of the company are P B Narayanan, Shreelatha Narayanan, Arathi Narayanan and Jeevan Krishnan Sanjeevan.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 140.0 - 147.0.
The IPO application opens on May 10, 2024 and closes on May 15, 2024.
The minimum lot size for the IPO is 1000. The maximum lot size for the IPO is 1000.
For all category investors, the minimum application amount for this IPO is Rs. 140,000.0, the maximum value for this IPO is Rs 147,000.0.
This IPO will be allotted on May 16, 2024.
The refund will be credited to your account on May 17, 2024.
The allotted shares will be credited to your demat on May 17, 2024.
ABS Marine Services Ltd.’s shares listed on the stock exchanges on May 21, 2024.