The initial public offering of Greenhitech Ventures, the petroleum-based products trader, received overwhelming response from investors on April 16, the final day of bidding.
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Investors bought 91.94 crore equity shares, which were 729.67 times the IPO size of 12.6 lakh equity shares, as per the subscription data available with the BSE website.
Institutional and non-institutional investors took the lead, buying 942.6 times the allotted quota, while retail investors picked 597.41 times the portion set aside for them.
The Greenhitech Ventures IPO continued to see healthy subscription since day 1, with 103.8 times subscription on second day of bidding and 15 times subscription on day 1.
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The Varanasi-based company launched its public issue on April 12 and targetted to raise Rs 6.3 crore via IPO of 12.6 lakh equity shares comprising only a fresh issue. It was a fixed price issue, with a price of Rs 50 per share.
The net fresh issue proceeds will be used mainly for working capital requirement of the company, and the remaining funds for general corporate expenses.
Greenhitech will finalise the basis of allotment of IPO shares by April 18 and the equity shares will be credited to demat accounts of eligible investors by April 19.
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The trading in its equity shares will commence on the BSE SME with effect from April 22, 2024.
