SME IPO on NSE: Hi-Green Carbon, a part of the Rajkot-based Radhe Group Energy, is set to launch its IPO on ‘Emerge,’ the MSME-focused index of the National Stock Exchange with a price band of Rs 71-75 per share. The company will offer 70.40 lakh equity shares on the 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 10.5 lakh equity shares.
The IPO will roll out on Thursday, September 21, and close on Monday, September 25. The anchor will open on September 20.
The anchor share 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 comprise 9.94 lakh shares, 33.07 lakh shares, and 23.17 lakh shares, respectively.
Beeline Capital Advisors is the book-running lead manager to the offer, and Link Intime will be the registrar to the offer.
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For the Financial year 2023, Hi-Green Carbon reported a revenue of Rs 79.03 crore, as compared to Rs 51.13 crore in FY22. The net profit for FY23 was Rs 10.49 crore, up from Rs 3.68 crore in 2022.
Hi-Green Carbon works in recycling old tyres. It utilizes continuous pyrolysis to transform end-of-life tire (ELT) pieces into both energy components and raw materials. Among its primary products are Recovered Carbon Black (RCB) and steel wires, falling into the raw material category, while fuel oil and synthesis gas are part of the energy components category.
The company plans to add a new facility in Dhule Maharashtra from the funds it will raise through public offering. The new plant will have an installed recycling capacity of 100MT waste tyres per day. As per the release, the company has already acquired 21,500 square meters of land for the installation of the facility.
A part of the Rajkot-based Radhe Energy Group, the company was initially promoted by Amitkumar Hasmukhrai Bhalodi and Dr. Shaileshbhai Makadia family in 2011.