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Hi-Green SME IPO: Stock locked in 5% upper circuit after listing at premium

The Gujarat-based firm is into recycling of waste tyres. A total of 7,038,400 shares were offered in the IPO of which 5,990,000 shares were fresh issue.

September 28, 2023 / 13:19 IST
With the IPO proceeds of Rs 53 crore, Hi-Green Carbon is planning to construct a new manufacturing plant in the Dhule district of Maharashtra
     
     
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    Shares of Hi-Green Carbon were locked in 5 percent upper circuit, soon after listing on September 28. The stock was quoting at Rs 80.85 on the NSE Emerge at 12 pm, against issue price of Rs 75. It started trading at Rs 77, listing at 2.6 percent premium to issue price.

    The Gujarat-based firm is into recycling of waste tyres. A total of 7,038,400 shares were offered in the IPO of which 5,990,000 shares were fresh issue.

    The public issue was subscribed over 196 times in the retail category, 69.95 times in the QIB (qualified institutional buyers) category, and 236.76 times in the NII (non institutional investors) category.

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    As per the company's prospectus, its product portfolio includes recovered carbon black (RCB) and steel wires under the raw material category, fuel oil and synthesis gas under the energy components category.

    With the IPO proceeds of Rs 53 crore, Hi-Green Carbon is planning to construct a new manufacturing plant in the Dhule district of Maharashtra, with a capacity of recycling 100 MT waste tyres per day, spanning across 21,500 square meters.

    In FY23, the company's revenue grew 54.5 percent year-on-year to Rs 79.03 crore and its net profit jumped almost three times to Rs 10.84 crore from Rs 3.67 crore.

    No analyst covered this IPO.

     

    Moneycontrol News
    first published: Sep 28, 2023 01:03 pm

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