Greenhitech Ventures IPO subscribed 769.95x on day 3 on strong retail, NII interest; know GMP, subscription status

Greenhitech Ventures IPO subscription commenced on Friday, April 12, and will close on Tuesday, April 16. The price band for Greenhitech Ventures IPO has been set at ₹50 for each, with a face value of ₹10. Three thousand shares are included in each IPO lot. Five times the face value is the issue price.

The company supplies different industrial groups with a variety of petroleum-based products based on their requirements. This covers, among other things, bitumen, furnace oils, light density oils, and biofuels. Furthermore, the corporation contracts with government-owned ethanol factories to do maintenance and operating services. Provide fuel and alternative material users in India with commercial services and solutions.

Also Read: Greenhitech Ventures IPO opens on April 12: Check price band, issue size, GMP and other details

According to the prospectus, there are no listed businesses in India that work as jobworkers in the ethanol production industry or deal in biofuels.

The promoters of the firm are Naved Iqbal and Muhammad Nadeem.

On Thursday, April 18, it is tentatively scheduled to finalise the Greenhitech Ventures IPO basis of share allotment. The shares will be credited to the allottees' demat accounts 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 769.95 times, on day 3.

The retail portion was subscribed 597.41 times, and NII portion was booked 921.60 times.

The company has received bids for 91,93,23,000 shares against 11,94,000 shares on offer, according to data on chittorgarh.com.

Greenhitech Ventures IPO subscription status was 15.83 times, on day 1, and the issue was booked 108.86 times, on day 2.

Also Read: Bharti Hexacom share price extends gains after dream debut. Buy, sell or hold?

Greenhitech Ventures IPO Details

Greenhitech Ventures IPO, which is worth about ₹6.30 crore, consists of a fresh issue of 1,260,000 equity shares with a face value of ₹10. There is no offer-for-sale component.

The net funds are to be used for the following purposes: to fulfill the needs for working cash and regular company costs.

Skyline Financial Services Private Ltd is the registrant and Beeline Capital Advisors Pvt Ltd is the book running lead manager for the Greenhitech Ventures IPO. The market maker for IPO is Spread X Securities.

Also Read: Bharti Hexacom share price makes a bumper debut, stock opens with 32.5% premium at ₹755 on NSE

Greenhitech Ventures IPO Review

Contributing editor at Chittorgarh Dilip Davda claims that the business operates in a cutthroat market. Its top and bottom lines showed fluctuations during the stated periods. Thus far for FY24, it has indicated lower top and bottom lines. Annualised FY24 results make the issue seem extremely expensive. A smaller post-IPO stock base suggests a longer gestation period before mainboard migration. There's no harm in passing on this costly wager.

Greenhitech Ventures IPO GMP today

Greenhitech Ventures IPO GMP or grey market premium is +25. This indicates Greenhitech Ventures share price were trading at a premium of ₹25 in the grey market, according to investorgain.com.

Taking into consideration the upper end of the IPO pricing band and the current premium on the grey market, Greenhitech Ventures' estimated listing price for its IPO was ₹75 per share, which is 50% higher than the IPO price of ₹50.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: DCG Cables and Wires Ltd IPO allotment to be finalised today; latest GMP, 4 steps to check status

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