Greenhitech Ventures makes stellar debut, shares list at 90% premium

Greenhitech Ventures Ltd on Monday, April 22, made a bumper debut in stock markets with its shares listing at an impressive premium of 90% to the IPO price.

Greenhitech Ventures listed shares on the SME platform of BSE. The stock started trading at ₹95 per share against the issue price of ₹50 apiece.

After listing at a premium, the stock gained further 5% to hit a high of ₹99.75 per share, up by 99.5% from the issue price.

More than 3.90 lakh shares of the company traded on the BSE SME platform. The turnover was ₹3.8 crore, Market valuation of the company rose to ₹46.88 crore.

Greenhitech Ventures Ltd IPO details

Greenhitech Ventures, which is primarily engaged in the trading of petroleum-related products, launched its initial public offer on April 12 on BSE SME platform to raise around ₹6.3 crore from public investors. The issue comprised a fresh issue of 12.6 lakh shares and no offer for sale component.

The company fixed the price at ₹50 per share. The lot size was 3000 shares for retail investors. The minimum amount of investment was ₹150,000 for retail investors.

Greenhitech Ventures IPO closed on April 16 with a whopping subscription of nearly 770 times.

The IPO was subscribed fully on the first day itself on the back of strong demand from retail investors. The issue closed the first day with a subscription of more than 15 times.

At the close of bidding on April 16, the issue was subscribed nearly 770 times as bids for 91.93 crore equity shares worth ₹4,596.62 crore were received against the net issue size of 11.94 lakh equity shares.

Retail investors’ portion was booked more than 597 times. Bids for 35.66 crore equity shares worth ₹1,783 crore were received against 5.97 lakh shares on offer.

Other investors’ category was also booked a whopping 921 times as bids for 55 crore equity shares were received against 5.97 lakh shares on offer.

Greenhitech Ventures trades in petroleum-related products. These include biofuels, bitumen, and furnace oils. The company is also engaged in Operation & Maintenance as a job worker for ethanol manufacturing in Government owned distilleries.

Greenhitech Ventures has proposed to utilise IPO proceeds for meeting working capital requirements. It has proposed to use ₹4.50 crore of net proceeds for working capital needs and another ₹85 lakh for other expenses.

To cater to the growing demand from its existing customers and to meet the requirements of new customers, the company intends to upgrade contract manufacturing capacities. The company intends to increase the production capacity by way of maintaining, upgrading and adding new skilled workers in the team.

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