Vidhigya Associates Advocates advised Abha Power & Steel Limited in raising ₹38.544 crore vide its Initial Public Offering (IPO).
The transaction team included Rahul Pandey (Partner), Himanshu Pandey (Partner) and Vedang Mehta (Principal Associate).
The IPO comprised a fresh issue of 41.39 lakh shares aggregating ₹31.04 crore and an offer for sale of 10 lakh shares. The subscription period closed on November 29, 2024, with the issue being oversubscribed by over 18 times.
On December 4, 2024, the company's shares were listed on the NSE SME platform at ₹81.90 per share. The IPO proceeds are intended for capital expenditure to modernize and upgrade manufacturing facilities, working capital requirements, and general corporate purposes
Abha Power and Steel Limited, headquartered in Bilaspur, Chhattisgarh, is a leading player in the manufacturing of iron and steel products. Established with a focus on quality and sustainability, the company operates an integrated steel plant that produces a wide range of products, including billets, TMT bars, structural steel, and wire rods.
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