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- Hi-Green Carbon Ltd
Hi-Green Carbon Ltd IPO
The Company was originally formed by Mr. Amitkumar Hasmukhrai Bhalodi, Mrs. Dakshaben Shaileshbhai Makadia, Mrs. Binaben Sandip Makadia and Mr. Rajendra Umedlal Mehta in year 2011. Subsequently, M/s. RNG Finlease Private Limited acquired control of the Company, by acquiring Equity Share of the Company during year 2012 to 2017. Later on, Mr. Amitkumar Hasmukhrai Bhalodi, Dr. Shaileshkumar Vallabhdas Makadia, Mrs. Krupa Chetakumar Dethariya, Mrs. Radhika Amirkumar Bhalodi, Mrs. Shiryakumari Shaileshkumar Makadia, and Mr. Koosh Chetankumar Dethariya acquired a total of 54,00,000 Equity Shares, constituting 28.42% of preissue Paid Up Capital of Company, from M/s. RNG Finlease Private Limited in year 2022. As on date, M/s. RNG Finlease Private Limited is holding 71.58% of pre-issue Paid Up Capital of the Company.
Headquartered in Rajkot, Gujarat, Hi-Green Carbon Limited is a part of Radhe Group Energy, based at Rajkot, Gujarat. Radhe Group of Energy, founded by Dr. Shaileshkumar Vallabhdas Makadia, is fast growing private enterprise in the renewable energy sector. The Group's core focus is on Renewable Energy with a diversified balanced portfolio stretching from castings, consumer goods, corporate farming, packaging and herbal products.
Manufacturing Facility is located at Industrial Dist., Bhilwara in State of Rajasthan. The Company established by Promoters to create wealth from waste are professionals from science and commerce fields, to support healthier environment for next generations, by recycling the waste.
Presently, the Company is engaged in the business of waste tyres recycling. The manufacturing plant operates on continuous pyrolysis process. It is an uninterrupted working method with continuous feeding and discharging system controlled by program logic controller system. The process is automatic and requires almost no human intervention. Following continuous pyrolysis, it process the end-of-life tyres (ELTs) pieces to produce energy components and raw materials. The major products are Recovered Carbon Black (RCB) and Steel Wires under Raw Material Category, Fuel Oil and Synthesis Gas under Energy components category. The Company utilises said synthesis gas, produced as by product of the pyrolysis process, for also manufacturing sodium silicate commonly known as raw glass.
Apart from these, the Company follow the highest quality practice and compliant with Highest Environmental, Health, and Safety (EHS) in recycle industries. It has modern, Supervisory Control and Data Acquisition (SCADA) operated in integrated recycling plant at their manufacturing plant situated in Rajasthan. The production facility in Rajasthan has an installed capacity of recycling of 100 MT waste tyres per day. The Company is planning a new manufacturing plant in Dhule district of Maharashtra, with capacity of recycling of 100 MT waste tyres per day and has already acquired land for the said purpose.
The Company is proposing an Initial Public Offer aggregating to 7600000 Equity Shares by issuing upto 6000000 Equity Shares through Fresh Issue and 1600000 Equity Shares through Offer for Sale.
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Hi-Green Carbon Ltd IPO Timeline
Hi-Green Carbon Ltd IPO opens on 21-Sep-2023, and closes on 25-Sep-2023. The Hi-Green Carbon Ltd IPO bid date is from 21-Sep-2023 to 25-Sep-2023. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Hi-Green Carbon Ltd IPO Opening Date | 21-Sep-2023 |
| Hi-Green Carbon Ltd IPO Closing Date | 25-Sep-2023 |
| Basis of Allotment | 28-Sep-2023 |
| Initiation of Refunds | 29-Sep-2023 |
| Credit of Shares to Demat | 03-Oct-2023 |
| Hi-Green Carbon Ltd IPO Listing Date | 28-Sep-2023 |
Hi-Green Carbon Ltd IPO Lot Size
Hi-Green Carbon Ltd IPO lot size is 1600 shares. A retail-individual investor can apply for up to 1 lots (1600 shares or 120000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 1600 | ₹120000 |
| Maximum | 1 | 1600 | ₹120000 |
Hi-Green Carbon Ltd IPO Details
| Hi-Green Carbon Ltd IPO Date | 21-Sep-2023 to 25-Sep-2023 |
| Hi-Green Carbon Ltd IPO Face Value | Shares of ₹10 per share |
| Hi-Green Carbon Ltd IPO Price | ₹75 per share |
| Hi-Green Carbon Ltd IPO Lot Size | 1600 |
| Issue Size | Shares of ₹10 (aggregating up to ₹52.8 Cr) |
| Fresh Issue | Shares of ₹10 (aggregating up to ₹44.93 Cr) |
| Offer for Sale | Shares of ₹10 (aggregating up to ₹7.87 Cr) |
| Issue Type | Book Building - SME |
| Listing At | NSE - SME |
| QIB Shares Offered | - |
| Retail Shares Offered | - |
| NII (HNI) Shares Offered | - |
| Company Promoters | RNG Finlease Pvt Ltd, Amitkumar Hasmukhrai Bhalodi, Shaileshkumar Vallabhdas Makad. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Setting up of new manufacturing unit at maharashtra
- 2 To meet working capital requirements
- 3 General corporate purposes
Company Financials
Hi-Green Carbon Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2024 | 105.34 | 70.61 | 10.28 |
| 03-2023 | 45.48 | 78.35 | 12.35 |
| 03-2022 | 33.03 | 51.14 | 3.73 |
| Amount in ₹ Crore | |||
- Experienced Promoters and Management Team.
- Strategic Location of Manufacturing Facilities.
- Innovative Technology.
- Quality assurance.
- Permanent Demand and Wide Application of Product.
- The company Promoters are party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various regulatory authorities. Any adverse decision may make it liable to liabilities/ penalties and may adversely affect its reputation, business and financial status.
- The company Registered Office from where itsoperate is not owned by it.
- The Company is planning to set up new Manufacturing Unit at Dhule District in the state of Maharashtra.
- Out of total estimated cost of Machinery of Rs. 3138.03 lakhs, machinery worth Rs. 2000 lakhs are to be purchased from Radhe Renewal Energy Development Private limited (related entity) and also its yet to place order for purchase of Machinery worth Rs. 2738.03 Lakhs which constitutes 84.95% of the total cost of Machinery.
- Total estimated cost of Contingencies of Rs.150.00 Lakhs included in the Project cost is to be funded from the proceeds of the issue is on adhoc basis.
- The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect its revenues and profitability.
- The company highly depend on its major raw materials and a few key suppliers who help it procure the same. The Company has not entered into long-term agreements with its suppliers for supply of raw materials. In the event its unable to procure adequate amounts of raw materials, at competitive prices the company business, results of operations and financial condition may be adversely affected.
- The price, at which the company is able to obtain the raw material for manufacture of the finished products depend largely on prevailing market prices. Increase in costs of the raw materials could have a material adverse effect on the Company's sales, profitability and results of operations.
- The company's conduct the business activities on a purchase order basis and therefore, have not entered into long-term agreements with its customers.
- Production Capacity related information of the Company included in this Draft Red Herring Prospectus has been disclosed based on certificate from a Chartered Accountant. There can be no assurance that such information is either complete or accurate.
- The company has availed credit facility from banks, and it is subject to certain restrictive covenants. Any Delay in issuing No Objection Certificate for the proposed issue may delay its proposed Initial public offering.
- The company main operations may be adversely affected in case of industrial accidents at its manufacturing unit and also rubber is a combustible commodity which may lead to any fire mishaps or accidents could lead to property damages, property loss and accident claims.
- Any delays and/or defaults in customer payments could result in increase of working capital investment and/or reduction of the Company's profits, thereby affecting its operation and financial condition.
- The Company requires significant amount of working capital for a continued growth. Its inability to meet the working capital requirements may have an adverse effect on the company results of operations.
- The company has incurred net loss in the past, and its may not be able to achieve or maintain profitability in the future.
- The Company has availed Rs. 264.45 lakhs as unsecured loan as on March 31, 2023, which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its cash flow and financial condition.
- The Company has in the past not complied with the certain provisions of the Companies Act, 1956 and Companies Act, 2013. Further, there have also been instances where the Company has inadvertently filed incorrect information with the RoC in its statutory filings.
- Non-compliance with amendment in Safety, Health and Environmental laws and other applicable regulations, may adversely affect the Company's results of operations and its financial condition.
- The company require certain approvals and/or licenses in the ordinary course of business to operate. Failure to obtain and/or to renew them in a timely manner, may affect the operations of the company.
- Changes in technology may render our current technologies obsolete or require us to make substantial capital investments.
- Continued operations of the company manufacturing facilities are critical to the business and any disruption in the operation of the manufacturing facilities may have a material adverse effect on its business, results of operations and financial condition.
- The company is subject to foreign currency exchange rate fluctuations which could have a material and adverse effect on its results of operations and financial conditions.
- In addition to normal remuneration, other benefits and reimbursement of expenses to the Promoters and Directors; they are interested to the extent of their shareholding and dividend entitlement thereon in the Company and for the transactions entered into between the Company and themselves as well as between the Company and the Group Companies/Entities. the Company in future may enter in related party transactions subject to necessary compliances.
- The average cost of acquisition of Equity shares by the Promoters is lower than the Issue price.
- The company success depends heavily upon the Promoters, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support. Its success depends heavily upon the continuing services of Promoters, Directors and Key Managerial Personnel who are the natural person in control of the Company.
- The company Promoters will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Industry information included in this Draft Red Herring Prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
- Within the parameters as mentioned in the chapter titled "Objects of this Issue" of this Draft Red Herring Prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.
- The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the company Equity Shares by the major shareholders may adversely affect the trading price of the Equity Shares.
- The company ability to pay dividends in the future will depend upon the future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
- The company inability to effectively implement its business and growth strategy may have an adverse effect on the company operation and growth.
- The requirements of being a public listed company may strain the company resources and impose additional requirements.
- Leveraging its market skills and relationship.
- Continue Improvement in Operational Efficiency.
- Customer Centric Approach.
Hi-Green Carbon Ltd IPO Promoter Holding
| Pre Issue Share Holding | 99.99% |
| Post Issue Share Holding | 71.82% |
Hi-Green Carbon Ltd IPO Subscription Status (Bidding Detail)
The Hi-Green Carbon Ltd IPO is subscribed 111.2389 times on Sep 25, 2023 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | - | - | - | - | 111.2389 |
Hi-Green Carbon Ltd IPO Prospectus
Hi-Green Carbon Ltd IPO Listing Date
| Listing Date | 28 Sep 23 |
| BSE Script | 91663 |
| NSE Symbol | HIGREEN |
| Listing In | NSE - SME |
| ISIN | INE0PIC01017 |
| IPO Price | ₹75 |
| Face Value | ₹10 |
Hi-Green Carbon Ltd IPO Registrar
Link Intime India Pvt Ltd
Phone: +91 810 811 4949;
Email: higreencarbon.ipo@linkintime.co.in
Website: www.linkintime.co.in
Hi-Green Carbon Ltd IPO Lead Manager(s)
- Beeline Capital Advisors Pvt Ltd
FAQs on Hi-Green Carbon Ltd IPO
Hi-Green Carbon Ltd IPO, which opens for subscription from 21-Sep-2023 to 25-Sep-2023 has an issue size of ₹52.8 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Hi-Green Carbon Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Hi-Green Carbon Ltd IPO Opens for subscription from 21-Sep-2023 to 25-Sep-2023.
The lot size of Hi-Green Carbon Ltd is 1600 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹120000 and ₹120000 respectively.
Allotment date for Hi-Green Carbon Ltd is 28-Sep-2023 and refund of application amount (in case allotment is not received) will begin from 29-Sep-2023. If your allotment goes through, then shares will be credited in your Demat account by 03-Oct-2023.
The registrar for Hi-Green Carbon Ltd IPO is Link Intime India Pvt Ltd. You can check your IPO allotment status on the registrar's website.
The shares of Hi-Green Carbon Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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