Hi-Green Carbon IPO GMP, Price, Dates & Allotment Details 2023
Introduction
The Hi-Green Carbon IPO will open on September 21 and close on September 25, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 52.80 crore through this public offering, consisting of 70.40 lakh shares with a face value of ₹ 10 each, which will be issued at a price of ₹ 71 to ₹ 75 per share.
Hi-Green Carbon Limited (“the Company”)
Hi-Green Carbon Limited was incorporated in 2011. Hi-Green Carbon Limited is a part of Radhe Group Energy, based in Rajkot, Gujarat. This is a fast-growing private enterprise in the renewable energy sector. The group’s core focus is on renewable energy, with a diversified and balanced portfolio stretching from castings, consumer goods, corporate farming, packaging, and herbal products.
The company is engaged in the business of waste tire recycling. Its manufacturing plant operates on a continuous pyrolysis process. It is an uninterrupted working method with a continuous feeding and discharging system controlled by the program logic controller system.
Its major products are
- Recovered Carbon Black (rCB) and
- Steel Wires under the Raw Material Category
- Fuel oil and
- synthesized gas under the energy components category.
The company has a modern Supervisory Control and Data Acquisition (SCADA) system operated in an integrated recycling plant at our manufacturing plant situated in Rajasthan.
The company has been certified with environmental management measures under ISO 14001:2015, occupational health and safety management standards under ISO 45001:2018, quality management standards under ISO 9001:2015, good manufacturing practice (GMP), and RoHS. Its product is REACH-compliant in terms of sustainability standards.
Company Key Metrics
| Earning Per Share (EPS) | ₹ 5.71 per Equity Share |
| Debt to Equity Ratio | 0.6 |
| ROE | 63.19% |
| ROCE | 64.70% |
| P/E (x) | 13.13 |
| Return on Net Worth (RoNW) | 48.02% |
Objects of the Issue,
The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:
- Setting up of new Manufacturing Unit at Maharashtra.
- To Meet Working Capital Requirements.
- General Corporate Purpose.
- To meet Public Issue Expenses.
Financial Highlights (Restated)
| Particulars | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|
| Net Worth | 2,259.02 | 1,174.23 | 806.28 |
| Total Assets | 4,387.83 | 3,424.36 | 3,310.91 |
| Reserve & Surplus | 359.02 | (725.77) | (1,093.72) |
| Total Borrowings | 1,362.19 | 1,586.70 | 1,783.10 |
| Total Revenue | 7,903.90 | 5,113.95 | 2,429.39 |
| Profit After Tax | 1,084.78 | 367.95 | 9.59 |
IPO details
As per the DRHP filed with SEBI, 70.40 lakh shares will be offered as a fresh issue in the NSE SME segment. The face value of the shares is ₹ 10. The market maker would receive 4.20 lakh shares of the offering. While Beeline Broking Ltd will be the lead manager for the IPO, Link Intime India Private Ltd will be the registrar. It will be a book-built issue, so there will be a price band rather than a price point, and the actual issue price will be discovered by building the book.
| Issue Type | Book Built Issue IPO |
| IPO Price | ₹ 71 to ₹ 75 per share |
| Face Value | ₹10 per share |
| Market Lot | 1,600 shares |
| Issue Size | 7,040,000 shares (aggregating up to ₹ 52.80 crores) |
| Fresh Issue | 5,990,000 shares (aggregating up to ₹ 44.93 crores) |
| Offer for Sale | 1,050,000 shares (aggregating up to ₹ 7.88 crores) |
| Listing At | NSE SME |
Market Maker detail
| Market maker | Spread X Securities |
| Market maker portion | 420,800 shares |
Shareholding Pattern
| Shareholding pre-issue | 19,000,000 |
| Shareholding post issue | 24,990,000 |
IPO Reservation
| Categories | No. of shares offered |
|---|---|
| QIB shares offered | Not more than 50% of the net offer |
| NII (HNI) shares offered | Not less than 15% of the Offer |
| Retail shares offered | Not less than 35% of the Offer |
GMP: Hi-Green Carbon IPO
GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.
Tentative Dates: Hi-Green Carbon IPO
The issue opens for subscription on September 21, 2023, and closes for subscription on September 25, 2023 (both days inclusive). The basis of allotment will be finalised on September 28, 2023, and the refunds will be initiated on September 29, 2023. In addition, the demat credits are expected to happen on October 3, 2023, and the stock will be listed on the NSE SME on October 4, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.
| Opening Date | September 21, 2023 |
| Closing Date | September 25, 2023 |
| Basis of Allotment | September 28, 2023 |
| Initiation of Refunds | September 29, 2023 |
| A credit of shares to Demat A/c | October 3, 2023 |
| Listing Date | October 4, 2023 |
Lot Size
The lot size of the Hi-Green Carbon IPO is 1,600 shares. A retail-individual investor can apply for up to 1 lot, i.e. 1,600 shares of ₹ 120,000.
| Applications | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 1,600 | ₹ 120,000 |
| Retail (Maximum) | 1 | 1,600 | ₹ 120,000 |
| HNI (Minimum) | 2 | 3,200 | ₹ 240,000 |
Promoters Holdings
M/S RNG Finlease Private Limited, Mr. Amitkumar Hasmukhrai Bhalodi, Dr. Shaileshkumar Vallabhdas Makadia, Mrs. Krupa Chetankumar Dethariya, Mrs. Radhika Amitkumar Bhalodi, Mrs. Shriyakumari Shaileshkumar Makadia, and Mr. Koosh Chetankumar Dethariya are the promoters of the company.
| Pre-issue Shares Holdings | 100% |
| Post-issue Shares Holdings | 71.83% |
SWOT Analysis
| STRENGTHS | WEAKNESSES |
|---|---|
| • Eshtablished industry relations • Use of Innovative production technology “Continuous Pyrolysis” • Locational Advantage | • Dependency on Suppliers • Lack of firm arrangements of finance |
| OPPORTUNITIES | THREATS |
| • Emerging Industry and Government Support • Opportunities of other waste management process | • Fluctuation in finished products prices • Change in government policies |
Miscellaneous Information
| Download Prospectus (PDF) | IPO DRHP |
| Company Contact Information | Hi-Green Carbon Limited G-557, Lodhika Industrial Estate, Metoda G.I.D.C. Gate No. 3, Metoda, Lodhika Rajkot – 360021 Phone: +91 92275 74010 Email: compliance@higreencarbon.com Website: https://www.higreencarbon.com/index.php |
| IPO Registrar | Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: higreencarbon.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
| IPO Lead Manager(s) | Beeline Broking Ltd |
FAQs
The Hi-Green Carbon IPO price is ₹ 71 to ₹ 75 per share.
The minimum investment size is one lot for retail investors. One lot of the Hi-Green Carbon IPO contains 1,600 shares of ₹ 120,000.
The finalisation of the basis of allotment for the Hi-Green Carbon IPO will be done on September 28, 2023, and the allotted shares will be credited to your demat account by October 3, 2023. Check the Hi-Green Carbon IPO allotment status.
The Hi-Green Carbon IPO shares listing date is October 4, 2023.
The investors’ portion for QIB is 50% of the Net offers, NII (HNI) is 15%, and retail is 35% of the offer.
