The Retail Individual Investors (RIIs) category received bids for 45,49,04,000 shares. The Non Institutional Investors (NIIs) category received bids for 23,56,64,000 shares. The Qualified Institutional Buyers (QIBs) category received bids for 9,25,54,000 shares.

The issue opened for bidding on 21 September 2023 and it closed on 25 September 2023. The price band of the IPO was fixed at Rs 71 to Rs 75 per share. The equity shares will be listed on the SME Platform of National Stock Exchange of India (NSE EMERGE).

The IPO comprised fresh issue of 59,90,000 shares and an offer for sale (OFS) up to 10,50,000 shares by existing shareholders. The promoter and promoter shareholding diluted to 71.83% from 100% Pre-IPO.

The company intends to utilize the net proceeds for setting up new manufacturing unit at Maharashtra, working capital requirements and general corporate purpose.

Ahead of the IPO, HI-Green Carbon on 20 September 2023, raised Rs 14.88 crore from the anchor investors. The board allotted 19,84,000 shares at Rs 75 per share to 8 anchor investors.

Hi-Green Carbon is engaged in the business of waste tyres recycling. Its manufacturing plant operates on continuous pyrolysis process. It is an uninterrupted working method with continuous feeding and discharging system controlled by the Supervidory control and data acquisition (SCADA). The company's major products are recovered carbon black (rCB) and steel wires under raw material category, fuel oil and synthesis gas under energy components category. As on 31 March 2023, the company has total 32 employees including on roll labour.

The company recorded revenue from operations of Rs 78.52 crore and net profit of Rs 10.84 crore for the period as on 31 March 2023.