Greenhitech Ventures IPO booked 5 times within hours of launch: Check subscription status, price band and other key details

The initial public offering (IPO) season in India seems to be nowhere near its end. Another small and medium enterprise (SME), Greenhitech Ventures Ltd, is launching its public issue on Friday, April 12, to drive on the IPO momentum.

The BSE SME public issue was booked 5 times within hours of launch on Friday. Greenhitech Ventures IPO received bids for a total of 60.12 lakh shares compared to 11,94,000 shares on offer for public investors, the BSE data till 12:10 pm showed.

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The retail portion was booked over 8 times with biddings for 52.32 lakh shares compared to 5.97 lakh shares on offer for the segment. The non-institutional investors’ (NIIs) portion was also fully booked with investors placing bids for 7.8 lakh shares compared to 5.97 lakh shares set aside for them.

If you are planning to apply for Greenhitech Ventures IPO, here is all you need to know about the offer.

Greenhitech Ventures Ltd IPO offer size

Greenhitech Ventures Ltd IPO comprises 12.6 lakh equity shares of face value of ₹10. It is entirely made of fresh issuance of shares, with no offer-for-sale (OFS) component. The Greenhitech Ventures IPO size is ₹6.3 crore.

The company has set aside 5,97,000 shares for retail investors and non-institutional investors (NIIs). The total offer size also includes a market maker portion of 66,000 shares.

Greenhitech Ventures IPO date

The Greenhitech Ventures IPO subscription is open from April 12 to April 16.

Greenhitech Ventures IPO share allotment status is expected to be finalised on April 18. Successful bidders who are allotted shares can expect them to be credited in their Demat account by Friday, April 19 Friday.

The Greenhitech Ventures IPO listing date is tentatively scheduled at April 22. The stock would list on the BSE SME platform.

Greenhitech Ventures IPO price band

The Greenhitech Ventures IPO is a fixed-price issue. The shares are priced at ₹50 per unit. The Greenhitech Ventures IPO lot size, or the minimum bid quantity, is fixed at 3,000 shares.

This means that the minimum application amount for retail investors is ₹1.5 lakh (₹50 x 3,000). And since the minimum investment for high networth investors is mandated at 2 lots, the minimum application amount for them would be ₹3 lakh (₹50 x 6,000).

Greenhitech Ventures has appointed Beeline Capital Advisors Pvt. Ltd as the book-running lead manager of the IPO, while Skyline Financial Services Pvt. Ltd is the registrar for the issue. The market maker for Greenhitech Ventures IPO is Spread X Securities.

Objective of the Greenhitech Ventures IPO

Greenhitech Ventures has said that it plans to use ₹450 crore from the net proceeds to meet working capital requirements. Another ₹85 lakh would be used for general corporate expenses, while ₹95 lakh would be used to meet public issue expenses.

About Greenhitech Ventures

Greenhitech Ventures is engaged in trading of various petroleum-based products for the different categories of industries based on their requirements. This includes supply of biodiesel and light density oils. The company is also engaged in operation and maintenance as a job worker for ethanol manufacturing in government-owned distilleries. The company says that it provides business solutions and services to consumers of fuels and other alternative materials across the country.

The company’s total revenue for the year ended March 2023 (FY23) has dropped significantly to ₹25 crore compared with ₹66.1 crore in FY22 and ₹40 crore in FY21.

Profit after tax (PAT) in FY23 stood at ₹57.23 lakh compared with ₹1,35 crore in FY22 and ₹24,39 lakh in FY21.

For FY24, for the period till January 2024, the company posted a revenue of ₹3.35 crore, with a PAT of ₹35.64 lakh.

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