The initial public offering (IPO) of Hi Green Carbon Ltd. opened today and will continue until September 25. Hi Green Carbon Ltd. is the flagship business of the Rajkot-based Radhe Group of Energy. The company will offer 70.40 lakh equity shares at a face value of Rs 10 each through the book-building route, raising around 53 crores from the IPO. The price band is fixed at Rs. 71-75 per equity share, and the shares of the company will be listed on NSE Emerge.
On Wednesday, the Anchor Book of its public offering was concluded, allocating a total of 19.84 lakh shares to 8 anchor investors for Rs 75 each, amounting to Rs 14.88 crore. Anchor investors include Resonance Opportunities Fund, NAV Capital Emerging Star Fund, BOFA Securities Europe, Morgan Stanley Asia Singapore, Moneywise Financial Services Pvt Ltd, LC Radiance Fund VCC, LRSD Securities Pvt Ltd, and Rajasthan Global Investments Pvt Ltd.
While the anchor portion comprised 19.84 lakh equity shares, 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 for the offer, and Link Intime India Private Limited will be the registrar for the offer. The shares of the company will be listed on NSE Emerge.
The company's main objective is capacity expansion, with the company doubling its manufacturing capacity from 100 TPD to 200 TPD with the commissioning of a new integrated plant at Dhule, Maharashtra. The company already has a 100 TPD modern, integrated, fully automated manufacturing facility in Bhilwara, Rajasthan.
The company reported a total revenue of Rs. 79.03 crore in FY2023, compared to Rs. 51.13 crore in FY2022. Net profit stood at Rs. 10.49 crore in FY2023, compared to Rs. 3.68 crore in FY2022.