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 biodiesel and light density oils. Our company is also engaged in Operation & Maintenance as Job worker for Ethanol manufacturing in Government owned distilleries. Greenhitech Ventures IPO intends to raise Rs 6.30 crores. The issue is entirely a fresh issue of 12.6 lakh shares.
IPO opens
Apr 12, 2024
IPO Closes
Apr 16, 2024
IPO Size (Rs.)
₹6.30 Cr
Breakup
Fresh issue only
Face Value:
₹ 10
IPO Price in Rs :
₹50 per share
Minimum Lot
3000 Shares
Listing At
BSE SME
NII Quota
~50%
Retail Quota
~50%
Lead Manager
Beeline Capital Advisors Pvt Ltd
Registrar
Skyline Financial Services Private Ltd
Market maker
Spread X Securities.
About Greenhitech Ventures
company is engaged in trading of various petroleum-based products for the different categories of industries based on their requirement. This includes supply of biodiesel and light density oils.
The company is moving from old line of business to new area of Operation & Maintenance as Job worker for Ethanol manufacturing in Government owned distilleries.
They provide business solutions and services to consumers of Fuels and other alternative materials across India.
Financials: Greenhitech Ventures IPO
Revenue from Operations
335.67
139.12
2504.35
6611.58
4006.97
EBITDA
78.5
14.3
155.8
256.95
65.61
EBITDA Margin
23.39
10.28
6.22
3.89
1.64
PAT
35.64
5.05
57.23
135.14
24.39
PAT Margin
10.62
3.63
2.29
2.04
0.61
Post issue Share Capital
470
FV
10.0
IPO price
50.0
EPS Fy23
1.2
PE Fy23
41.1
EPS Fy24 (annualized)
1.0
PE Fy24 (annualized)
48.1
Market cap in Lacs
2,350
Market cap / Sales
16.89
Greenhitech Ventures IPO: Salient Points
Company was initially engaged in trading of bio-diesel and further diversifed into operation and maintenance on molasses/syrup-based distillery including manufacturing of ethanol in Govt. owned distilleries from financial year 2022-23.
Company claims that it is well-known in the Purvanchal belt of Uttar Pradesh, India for supply of bio-diesel.
Company is shifting its focus from trading to ethanol manufacturing business which is recently started by the Company.
They have signed agreement for operation and maintenance on molasses/syrup-based distillery with Rajasthan Sugar Federation Limited, Sriganganagar Sugar Plant and Uttar Pradesh Cooperative Sugar Federation Limited, Ethanol Plant, Operation and Maintenance in Ghosi Tehsil, Mau, Uttar Pradesh.
Particular
January 31, 2024
May 13, 2023
Fiscal 2023
Fiscal 2022
Fiscal 2021
Revenue
In %
Revenue
In %
Revenue
In %
Revenue
In %
Revenue
In %
Job work for Ethanol Production
259.93
77.44
137.12
98.56
500.35
19.98
—
—
—
—
Trading of Biofuels
75.74
22.56
2.00
1.44
2004.00
80.02
6611.58
100.00
4006.97
100.00
Total Sales
335.67
100.00
139.12
100.00
2504.35
100.00
6611.58
100.00
4006.97
100.00
The Net Proceeds are proposed to be utilized in the manner set forth below for the objectives of the IPO:
S. No
Particulars
Amt. (₹ in Lakhs)
% of Total Issue Size
1.
To Meet Working Capital Requirement
450.00
71.43
2.
General Corporate Expenses
85.00
13.49
3.
Public Issue Expenses
95.00
15.08
Gross Issue Proceeds
630.00
100.00
Less: Issue Expenses
95.00
Net Issue Proceeds
535.00
Greenhitech Ventures is not having its owned manufacturing unit. Company bids for tender of Government owned distillery for Operation & Maintenance as a Job worker for Ethanol manufacturing. On receipt of order, Company runs the ethanol plant in this government owned distillery and manufactures ethanol and transfers all ethanol manufactured to the respective distillery.
Peers: None
Greenhitech Ventures IPO is being offered at a PE of 41x (2023 earnings) and 48x ( 2024 annualized earning) .
Company has changed its main business and present business is not significant.
Even though it is high risk and not supported anywhere by fundamentals, I may apply in Greenhitech Ventures IPO subject to availability of funds . It is a small issue and a risky bet and listing solely depends on speculative tendencies in the counter.
GMP as reported on social media has been Rs.25.
Beeline Capital Advisors Pvt Ltd is the Lead Manager to the issue. It has a fair to good record. Past issues handled by them include TAC Infosec Limited IPO, KP Green Engineering Limited, Pratham EPC Projects, V R Infraspace, Rudra Gas Enterprise Limited, Fonebox Retail Limited, Konstelec Engineers, Australian Premium Solar, Indifra Limited, Benchmark Computer Solutions, Sheetal Universal Limited, Rajgor Castor Derivatives, Arvind and Company Shipping Agencies, Karnika Industries Limited, Hi-Green Carbon Limited, Kody Technolab Limited, Chavda Infra Limited, Vinsys IT Services Limited,Ahasolar Technologies, Pentagon Rubber, Remus Pharmaceuticals, Sotac Pharmaceuticals, RBM Infracon Limited, Transvoy Logistics, Dev Labtech, Viviana Power Tech, Vital Chemtech, Aristo Bio-Tech and Lifescience, Viaz Tyres, Vertexplus Technologies etc
SME IPO are much more risky and volatile than mainboard IPOs.
Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.
