ResGen IPO: Issue to open on Feb 28, Check details here

ResGen, a sustainable solution provider for plastic waste company, is all set to launch its initial public offering (IPO). The IPO is set to open on 28 February, 2023 and the three-day initial share sale is scheduled to conclude on March 2, 2023. The shares of the company are expected to list on BSE SME.

ResGen IPO is priced at ₹45 – 47 per share based on a face value (FV) of ₹10 , with an issue size of ₹28.20 crore. It is an entire fresh issue. The SME platform of the exchanges is intended for small and medium sized companies.

This SME IPO of 60,00,000 shares equity shares of the face value of ₹10 aggregating up to ₹28.20 crore. The minimum order quantity is 3,000 shares.

ResGen manufactures pyrolysis oil, which is a substitute for furnace oil, from waste plastics. The company wants to make environment-saving projects commercially viable and highly scalable. ResGen has come up with an eco-friendly solution, which uses each by-product to increase efficiency.

Not more than 50% of the net issue will available for allocation to QIB Bidders. However, up to 5% of the Net QIB Portion will be available for allocation proportionately to Mutual Funds only.

While for non-institutional investors, not less than 15% of the issue allocation to them and 35% of the issue is for retail investors.

The promoters of the ompany are Karan Atul Bora and Kunal Atul Bora. As on the date of this Draft Red Herring Prospectus, promoters holds an aggregate of 1,35,14,060 equity shares, representing 90.24% of the pre-issue, subscribed and paid-up equity share capital of the company.