Greenhitech Ventures' IPO has subscribed over 108.8x on its second day so far on strong retail interest; know GMP, subscription status
The company supplies various industrial groups with different petroleum-based products depending on their needs. These include bitumen, heating oils, light oils and biofuels. In addition, the company contracts with state-owned ethanol plants to provide maintenance and operational services. Providing commercial services and solutions to fuel and alternative material users in India.
Also Read: Greenhitech Ventures IPO begins April 12: Check price range, issue size, GMP and other details
According to the prospectus, there are no listed companies in India that work as contract workers in the ethanol production industry or trade in biofuels.
The founders of the company are Naved Iqbal and Muhammad Nadeem.
On Thursday, April 18, it is tentatively planned to complete the IPO of Greenhitech Ventures based on share allocation. The shares will be credited to the demat accounts of the beneficiaries 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 108.86x on the second day so far.
The retail portion was subscribed 147.06 times and the NII portion was booked 70.56 times.
According to chittorgarh.com, the company has received offers for 12,99,78,000 shares against 11,94,000 shares on offer as of 5:07 pm IST.
Greenhitech Ventures' IPO subscription status was 15.83x on the first day.
Also Read: Bharti Hexacom share price extends gains after dream debut. Buy, sell or hold?
Greenhitech Ventures IPO details
Greenhitech Ventures' IPO is worth approx ₹6.30 crore, consists of a fresh issue of 1,260,000 shares of face value ₹10. There is no offer component.
The net funds should be used for the following purposes: to cover working capital requirements and ongoing operating costs.
Skyline Financial Services Private Ltd is the registrant and Beeline Capital Advisors Pvt Ltd is the book running lead manager for the IPO of Greenhitech Ventures. The market maker for the IPO is Spread X Securities.
Also Read: Bharti Hexacom share price makes a record debut, the stock opens at a premium of 32.5% ₹755 on NSE
Evaluating the Greenhitech Ventures IPO
Chittorgarh contributing editor Dilip Davda claims that the company operates in a cutthroat market. Its sales and profit lines showed fluctuations during the specified time periods. Lower sales and profit lines have been shown for FY24 so far. The annualized results for FY24 make the problem appear extremely expensive. A smaller share base after the IPO suggests a longer gestation period before the mainboard migration. There's no harm in passing on this costly bet.
Greenhitech Ventures IPO GMP today
Greenhitech Ventures IPO GMP or gray market premium is +25. This suggests that Greenhitech Ventures' share price was trading at a premium of ₹25 on the gray market, according to investorgain.com.
Taking into account the high end of the IPO price range and the current gray market premium, Greenhitech Ventures' estimated listing price for its IPO was ₹75 per share which is 50% higher than the IPO price of ₹50.
“Gray market premium” indicates investors’ willingness to pay more than the issue price.
Also Read: DCG Cables and Wires Ltd. IPO allotment to close today; Latest GMP, 4 steps to check status
Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, not Mint. We recommend investors consult certified experts before making an investment decision.
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Published: Apr 12, 2024 02:14 PM IST
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