Hi-Green Carbon IPO : How to check the Allotment Status
The IPO of Hi-Green Carbon Ltd has a fresh issue component and also has an offer for sale (OFS) component. As part of the fresh portion of the IPO, Hi-Green Carbon Ltd will issue a total of 59,90,000 shares (59.90 lakh shares), which at the upper end of the price band of ₹75 per share aggregates to a total fresh fund raising of ₹44.92 crore. As part of the offer for sale (OFS) portion of the IPO, it will entail the sale of 10,50,000 shares (10.50 lakh shares), which at the upper end of the price band of ₹75 per share aggregates to an OFS size of ₹7.88 crore. The entire offer for sale is being made by the promoter M/S RNG Finlease Private Ltd. As a result, the total IPO of Hi-Green Carbon Ltd will entail the issue cum sale of a total of 70,40,000 shares (70.40 lakh shares), which at the upper end of the band price of ₹75 per share aggregates to a total IPO size of ₹52.80 crore.
The minimum lot size for the IPO investment was 1,600 shares. Thus, retail investors can invest a minimum of ₹1,20,000 (1,600 x ₹75 per share) in the IPO. That is also the maximum that the retail investors can invest in the IPO. HNI / NII investors can invest a minimum of 2 lots comprising of 3,200 shares and having a minimum lot value of ₹2,40,000. There is no upper limit on what the QIBs as well as what the HNI / NII investors can apply for.
Category wise allocation in Hi-Green Carbon Ltd
The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised.
|Anchor Investor Shares Offered||19,84,000 Shares (28.19%)|
|Market Maker Shares Offered||4,20,800 Shares (5.98%)|
|QIB Shares Offered||13,23,200 Shares (18.80%)|
|NII (HNI) Shares Offered||9,93,600 Shares (14.12%)|
|Retail Shares Offered||23,16,800 Shares (32.92%)|
|Total Shares Offered||70,38,400 Shares (100.00%)|
The response to the IPO of Hi-Green Carbon Ltd was highly gratifying and it was subscribed an impressive 168.92X overall at the close of bidding on 25th September 2023. The table below is self-explicit, with strong traction across various investor categories.
|HNI / NIIs||236.76||993,600||23,52,43,200||1,764.32|
Before going into the checking of basis of allotment, investors must remember that higher the level of oversubscription in the various categories, the lower the chances of allotment in the IPO.
Where to check the basis of allotment?
The basis of allotment will be finalized on 28th September 2023 and the refunds will be initiated on 29th September 2023. In addition, the demat credits are expected to happen on 03rd October 2023 and the stock is scheduled to list on 04th October 2023 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated. The company had a pre-IPO promoter holding of 100.00% and post the IPO, the promoter stake in Hi-Green Carbon Ltd will stand diluted due to the fresh issue and the offer for sale to a level of 71.83%.
Let us now turn to the million dollar question; How to check the allotment status? Since this is an NSE SME IPO, there is no facility to check on the exchange website since NSE does not offer that facility. On the other hand, the BSE only offers allotment status for mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can check your allotment status only on the website of the IPO registrar, Link Intime India Private Limited. Here are the steps that you need to follow to check allotment status.
Checking the allotment status of Hi-Green Carbon Ltd on Link Intime India Private Limited (Registrar to the IPO)
Visit the Link Intime registrar website for IPO status by clicking on the link below:
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Hi-Green Carbon Ltd from the drop-down box. In the case of Hi-Green Carbon Ltd, data access will be allowed late on 28th September 2023 or by middle of 29th September 2023.
- There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.
- If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.
- The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.
- The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.
- The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.
- Finally, click on the Search button
The IPO status with number of shares of Hi-Green Carbon Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records and later ever for reconciliation with the demat account status when shares are credited to your demat account on 03rd October 2023.
Brief background of Hi-Green Carbon Ltd
Hi-Green Carbon Ltd was incorporated in the year 2011 and the company is engaged in the business of waste tyres recycling. It has a manufacturing plant located in the state of Rajasthan, which operates on a continuous pyrolysis process. This process entails an uninterrupted working process with continuous feeding and discharging system controlled by the program logic controller (PLC). The entire process is automated end-to-end with virtually no human intervention, making it economical and also largely error free. The plant in Rajasthan has the capacity to recycle 100 MT of waste tyres per day. Hi-Green Carbon Ltd is also planning to put up another manufacturing plant with similar capacity in the Dhule district of Maharashtra.
The company recycles the waste tyres and manufactures a number of products out of it. Some of its key products include Recovered Carbon Black (RCB) and Steel Wires under Raw Material Category and Fuel Oil and Synthesis Gas under Energy components category. The Synthesis Gas is further used for the manufacture of sodium silicate better known in common parlance as raw glass. The company is fully compliant with good manufacturing practice (GMP) and all its products are also compliant in terms of the applicable sustainability standards.
The company has been promoted by M/S RNG Finlease Private Ltd, Amitkumar Bhalodi, Shaileshkumar Makadia, Krupa Detharia, Radhika Bhalodi, Shriyakumari Makadia and Koosh Detharia. The promoter holding in the company currently stands at 100.00%. However, post the fresh issue of shares and the OFS, the promoter equity holding share will reduce to 71.83%. The fresh issue funds will be used by the company for setting up a new manufacturing unit in Maharashtra, meeting of working capital funding gaps and also for general corporate purposes. While Beeline Capital Advisors Private Ltd will be the lead manager to the issue, Link Intime India Private Ltd will be the registrar to the issue. The market maker for the issue is Spread X Securities Ltd.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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