Abha Power and Steel, a company based in Chhattisgarh, will launch its IPO on November 27. The IPO aims to raise Rs 38.5 crore at a fixed price of Rs 75 per share.
Abha Power and Steel operates two manufacturing plants in Chhattisgarh with a total installed capacity of 14,400 metric tonnes per annum (MTPA). The company specializes in casting and manufacturing customized iron and steel products. It is recognized as a certified vendor for supplying certain casting products to Indian Railways and is also an approved vendor for the National Mineral Development Corporation and Integral Coach Factory in Chennai.
The offering will include a fresh issue of 41.39 lakh shares and an offer-for-sale of 10 lakh shares by promoter Subhash Chand Agrawal. Investors can subscribe for a minimum of 1,600 equity shares, with a maximum investment limit of Rs 2 lakh.