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Hi-Green Carbon and Mangalam Alloys open IPO subscriptions
Editor
Published Sep 21, 2023 02:24AM ET
© Reuters.
Hi-Green Carbon and Mangalam Alloys, two Indian companies, opened their initial public offerings (IPOs) for subscription on Thursday. Both companies are seeking to raise funds for working capital requirements, business expansion, and general corporate purposes.
Hi-Green Carbon, a waste tyre recycling firm based in Rajasthan, is planning to raise Rs 52.8 crores from its IPO. The offering comprises a fresh issue of 59.9 lakh shares totaling Rs 44.93 crores and an offer for sale of 10.5 lakh shares aggregating to Rs 7.88 crores. The shares are currently trading at a premium of Rs 50 per share in the grey market. Subscribers are expected to be allotted their shares on Friday, September 28, with a listing on the NSE SME anticipated on Thursday, October 4.
The company's IPO has a minimum lot size of 1600 shares with a price range between Rs 71 to Rs 75 per share. Consequently, the minimum investment for one lot of shares is Rs 1,13,600 and the maximum investment is Rs 1,20,000.
Meanwhile, Gujarat-based integrated stainless steel and special steel manufacturer Mangalam Alloys is aiming to raise up to Rs 54.91 crores from its SME IPO. This includes a fresh issue of 61.26 lakh shares amounting to Rs 49.01 crores and an offer for sale of Rs 7.38 lakh shares aggregating to Rs 5.90 crores.
The shares of Mangalam Alloys' IPO are currently trading at a premium of Rs 25 per share in the grey market. Following the subscription period which ends on Monday, September 25, the shares are likely to be allotted to subscribers on Friday, September 29 and listed on NSE SME on Thursday, October 5.
The minimum lot size for Mangalam Alloys' IPO is 1600 shares, each priced at Rs 80. This results in a total investment of Rs 1,28,000 for one lot of shares.
Both companies have stated that the proceeds from the IPOs will be utilized for meeting working capital requirements, setting up new manufacturing units, general corporate purposes, and to meet public issue expenses.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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