Abha Power and Steel Limited’s Small and Medium Enterprise (SME) initial public offering (IPO) is witnessing significant traction, with total bids crossing 3.4 crore shares as of November 29, 2024, midway through its three-day subscription period.
The issue, which opened on November 27 and will close on November 29, has seen robust participation from retail individual investors (RIIs). Out of the total 18,673 applications received, 17,407 are from the retail category, representing approximately 93% of all applications and bidding for 2.78 crore shares.
Non-institutional investors have also shown considerable interest, with 1,265 applications for 61.96 lakh shares. Within this category, individual investors dominate, accounting for 1,247 applications and 58.75 lakh shares.
Qualified Institutional Buyers (QIBs) have submitted minimal bids, with only one application from a domestic financial institution for 3,200 shares. The total shares offered for the SME IPO stand at 51.39 lakh, with the current subscription level at 6.30 times the offer size.
