New Delhi, Apr 16 (KNN) The initial public offering (IPO) of Greenhitech Ventures, a company engaged in the supply of petroleum-based products and biofuels, has received an overwhelming response from investors.

On the second day of the IPO subscription, the issue was subscribed a staggering 108.86 times.

The retail portion of the IPO was oversubscribed by a remarkable 147.06 times, indicating strong interest from individual investors. The non-institutional investor (NII) portion was also heavily oversubscribed at 70.56 times.

According to data from chittorgarh.com, Greenhitech Ventures has received bids for 12,99,78,000 shares against the 11,94,000 shares on offer, highlighting the immense demand for the company's IPO.

The Greenhitech Ventures IPO opened for subscription on Friday, April 12, and will close on Tuesday, April 16. The price band for the IPO has been set at Rs 50 per share, with a face value of Rs 10. Each IPO lot comprises 3,000 shares, and the issue price is five times the face value.

Greenhitech Ventures specialises in supplying various petroleum-based products, including bitumen, furnace oils, light density oils, and biofuels, to different industrial groups based on their requirements.

Additionally, the company partners with government-owned ethanol factories to provide maintenance and operating services. It aims to offer commercial services and solutions to fuel and alternative material users in India.

According to the prospectus, Greenhitech Ventures is the first listed company in India to operate as a jobworker in the ethanol production industry and deal in biofuels.

The tentative date for the finalisation of the Greenhitech Ventures IPO basis of share allotment is Thursday, April 18. On the same day, the shares will be credited to the allottees' demat accounts, and the company will initiate the refund process.

The listing and trading of Greenhitech Ventures IPO shares on the BSE SME platform are expected to commence on Monday, April 22.

(KNN Bureau)