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The funds raised through the IPO, amounting to Rs 53 crore, are earmarked for the construction of a new manufacturing facility in Dhule, Maharashtra. This new plant is expected to have the capacity to process up to 100 metric tonnes of waste tyres daily.
The successful IPO and the planned expansion indicate Hi-Green Carbon’s intent to capitalize on the growing importance of sustainable waste management solutions. The company’s focus on recycling waste tyres aligns with global efforts to manage and reduce industrial waste.
The commencement of trading and the oversubscription of the IPO reflect investor confidence in Hi-Green Carbon’s business model and growth prospects. The company’s strategic move to expand its manufacturing capabilities further solidifies its position in the tyre recycling industry.
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