Greenhitech Ventures IPO oversubscribed on day 1 on strong retail interest
The company supplies different industrial groups with a variety of petroleum-based products based on their requirements. This covers, among other things, bitumen, furnace oils, light density oils, and biofuels. Furthermore, the corporation contracts with government-owned ethanol factories to do maintenance and operating services. Provide fuel and alternative material users in India with commercial services and solutions.
According to the prospectus, there are no listed businesses in India that work as jobworkers in the ethanol production industry or deal in biofuels.
The promoters of the firm are Naved Iqbal and Muhammad Nadeem.
On Thursday, April 18, it is tentatively scheduled to finalise the Greenhitech Ventures IPO basis of share allotment. The shares will be credited to the allottees’ demat accounts on the same day, Friday, April 19, and the company will begin processing refunds. On Monday, April 22, Greenhitech Ventures IPO shares are most likely to go live on BSE SME.
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Greenhitech Ventures IPO subscription status
Greenhitech Ventures IPO subscription status is 8.28 times, on day 1, so far.
The retail portion was subscribed 13.99 times, and NII portion was booked 2.57 times.
The company has received bids for 98,88,000 shares against 11,94,000 shares on offer, at 14:05 IST, according to data on chittorgarh.com.
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Greenhitech Ventures IPO Details
Greenhitech Ventures IPO, which is worth about ₹6.30 crore, consists of a fresh issue of 1,260,000 equity shares with a face value of ₹10. There is no offer-for-sale component.
The net funds are to be used for the following purposes: to fulfill the needs for working cash and regular company costs.
Skyline Financial Services Private Ltd is the registrant and Beeline Capital Advisors Pvt Ltd is the book running lead manager for the Greenhitech Ventures IPO. The market maker for IPO is Spread X Securities.
Greenhitech Ventures IPO Review
Contributing editor at Chittorgarh Dilip Davda claims that the business operates in a cutthroat market. Its top and bottom lines showed fluctuations during the stated periods. Thus far for FY24, it has indicated lower top and bottom lines. Annualised FY24 results make the issue seem extremely expensive. A smaller post-IPO stock base suggests a longer gestation period before mainboard migration. There’s no harm in passing on this costly wager.
Greenhitech Ventures IPO GMP today
Greenhitech Ventures IPO GMP or grey market premium is +15. This indicates Greenhitech Ventures share price were trading at a premium of ₹15 in the grey market, according to investorgain.com.
Taking into consideration the upper end of the IPO pricing band and the current premium on the grey market, Greenhitech Ventures’ estimated listing price for its IPO was ₹65 per share, which is 30% higher than the IPO price of ₹50.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 12 Apr 2024, 02:14 PM IST
