BSE SME Greenhitech Ventures blooms on debut

Shares of Greenhitech Ventures were quoting at Rs 99.75 on the BSE, a premium of 99.50% compared with the issue price of Rs 50.

The scrip was listed at Rs 95, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 99.75 and a low of Rs 95. About 3.93 lakh shares of the company changed hands at the counter.

Greenhitech Ventures' IPO was subscribed 729.67 times. The issue opened for bidding on 12 April 2024 and it closed on 16 April 2024. The price of the IPO was fixed at Rs 50 per share.

The IPO comprised fresh issue of 12,60,000 equity shares. The promoter and promoter group shareholding will dilute to 70.64% from 96.52% pre-IPO.

The company intends to utilise the net proceeds to meet working capital requirement of the company and general corporate purpose.

Greenhitech Ventures is engaged in trading of various petroleum-based products for the different categories of industries based on their requirement. This includes supply of biofuels, bitumen, light density oils, furnace oils, etc. The company is also engaged in operation & maintenance as job worker for ethanol manufacturing in Government owned distilleries. The company provides business solutions and services to consumers of Fuels and other alternative materials across India. As on 31 January 2024 the company has 68 employees.

The company recorded revenue from operations of Rs 3.35 crore and net profit of Rs 0.35 crore for the period as on 31 January 2024.

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