Hi-Green Carbon Ltd, the flagship company of Rajkot-based Radhe Group of Energy, today announced a price band of Rs. 71-75 per equity share for its upcoming IPO to be listed on NSE Emerge. The company's IPO will open on Thursday, 21st September 2023, and close on Monday, 25th September 2023. The Anchor portion will open on Wednesday, 20th September 2023.
The company will offer 70.40 lakh equity shares (face value of Rs 10/- each) through the book-building route - comprising a fresh issue of 59.90 lakh equity shares and an offer for sale of 10.50 lakh equity shares. The Anchor portion will comprise 19.84 lakh equity shares, while the Market maker will account for 4.21 lakh equity shares. The NIIs, QIBs and Retail portions will account for 9.94 lakh, 33.07 lakh and 23.17 lakh equity shares, respectively. The lot size will be 1600 shares. The pre-IPO shareholding of the Promoter and Promotor Group stands at 100%, which will reduce to 71.83% post-issue.
Beeline Capital Advisors Private Limited is the book-running lead manager to the offer, and Link Intime India Private Limited will be the registrar to the offer. The shares of the company will be listed on NSE Emerge.
Hi-Green Carbon is engaged in the business of waste tyre recycling. It follows continuous pyrolysis to process the end-of-life tyres (ELTs) pieces to produce energy components and raw materials. Its major products include Recovered Carbon Black (rCB) and Steel Wires under the Raw Material Category, Fuel Oil and Synthesis Gas under the energy components category. Being highly energy efficient, the company uses the said synthesis gas, produced as a by-product of the pyrolysis process, for manufacturing sodium silicate, commonly known as raw glass. The company has a 100 TPD Modern, integrated and fully automated manufacturing facility spread over 56,500 sq. mtrs in Bhilwara, Rajasthan. The company filed its DRHP in July 2023.
For the year ended March 31st, 2023, Hi-Green Carbon reported a total revenue of Rs. 79.03 crore compared to Rs. 51.13 crore for the year ended March 2022. Net profit stood at Rs. 10.49 crore for the year ended March 31, 2023, compared to Rs. 3.68 crore for the year ended March 31, 2022.
The company will utilise the proceeds of the initial public offering to set up a new facility in the Dhule district of Maharashtra, with a recycling capacity of 100 MT waste tyres per day. The company has already acquired land admeasuring 21,500 sq. meters for the project. Apart from setting up a new project, the proceeds of the fresh issue of shares will be utilised for working capital requirements and other general corporate purposes.
Hi-Green Carbon Limited is a part of Radhe Group Energy, based in Rajkot, Gujarat, and was initially promoted by Amitkumar Hasmukhrai Bhalodi and Dr Shaileshbhai Makadia family in 2011.