Greenhitech Ventures Limited is set to make its debut in the stock market with an Initial Public Offering (IPO) that promises to offer investors a slice of its growth potential. Let’s delve into the specifics of this IPO:
**IPO Details:**
– Greenhitech Ventures IPO is a fixed price issue of ₹6.30 crores, consisting entirely of a fresh issue of 1,260,000 shares.
– The IPO bidding commenced on April 12, 2024, and will conclude on April 16, 2024.
– Price per share: ₹50
– Minimum lot size: 3000 shares
– Listing Exchange: BSE SME
**Reservation Details:**
– The IPO offers 1,260,000 shares, with allocations as follows:
– NII: 597,000 shares (47.38%)
– Retail: 597,000 shares (47.38%)
– Market Maker: 66,000 shares (5.24%)
**Key Players:**
– Book Running Lead Manager: Beeline Capital Advisors Pvt Ltd
– Registrar: Skyline Financial Services Private Ltd
– Market Maker: Spread X Securities
**Timeline:**
– Allotment: April 18, 2024
– Refund initiation: April 19, 2024
– Share credit to Demat: April 19, 2024
– Listing Date: April 22, 2024
**Promoter Holding:**
– Pre-Issue Shareholding: 100.00%
**About Greenhitech Ventures Limited:**
– Incorporated in November 2011, Greenhitech Ventures Limited specializes in trading various petroleum-based products tailored to diverse industry needs, including biofuels, bitumen, and furnace oils.
– The company actively operates and maintains ethanol manufacturing in government-owned distilleries.
– With a focus on “Effective, Efficient, and Economical” principles, the company serves consumers of fuels and alternative materials across India, particularly in the Purvanchal belt of Uttar Pradesh.
**Financial Performance:**
– Revenue: ₹335.67 lakhs (as of January 31, 2024)
– Profit After Tax: ₹35.64 lakhs (as of January 31, 2024)
– Key Performance Indicators (as of January 31, 2024):
– Return on Equity (ROE): 8.17%
– Return on Capital Employed (ROCE): 17.19%
– Debt/Equity: 0.95
– Price to Book Value (P/BV): 3.77
– Profit After Tax Margin: 10.62%
**Objects of the Issue:**
– The net proceeds from the IPO will be utilized to meet working capital requirements and general corporate expenses.
**IPO Review:**
Analysts recommend exercising caution due to the company’s competitive operating environment and inconsistent financial performance. The issue is considered exorbitantly priced based on annualized FY24 earnings.
**Subscription Status:**
As of April 15, 2024, 11:49:06 AM (Day 2), the IPO was subscribed 36.51 times, with overwhelming interest from retail investors and significant subscription from NII, while QIB subscription details were not available.
With the subscription period ongoing, investors are closely watching the response to the Greenhitech Ventures IPO, anticipating its listing and performance in the stock market.
