BSE SME IPO of Greenhitech Ventures subscribed 14.99 times

Published on Apr 12, 2024 17:08

The initial public offer (IPO) of Greenhitech Ventures received bids for 1,88,97,000 shares as against 12,60,000 shares on offer, as per BSE data as of 17:00 hours on Friday, (12 April 2024). The issue was subscribed 14.99 times.

The issue opened for bidding on Friday, (12 April 2024) and it will close on Tuesday, (16 April 2024). The price of the IPO is fixed at Rs 50 per share. The minimum order quantity is 3000 equity shares. The equity shares will list on BSE�s SME platform.

The IPO comprises fresh issue of 12,60,000 equity shares. The promoter and promoter group shareholding will dilute to 70.64% from 96.52% Pre-IPO.

About 66,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 11,94,000 equity shares. The issue and the net issue will constitute 26.81% and 25.40% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet working capital requirement of the company and general corporate purpose.

Greenhitech Ventures is engaged in trading of various petroleum-based products for the different categories of industries based on their requirement. This includes supply of biofuels, bitumen, light density oils, furnace oils etc. The company is also engaged in operation & maintenance as Job worker for Ethanol manufacturing in Government owned distilleries. The company provide business solutions and services to consumers of Fuels and other alternative materials across India. As on 31 January 2024 the company has 68 employees.

The company recorded revenue from operations of Rs 3.35 crore and net profit of Rs 0.35 crore for the period as on 31 January 2024.