Hi-Green Carbon on Wednesday said it has filed preliminary papers for an initial public offering. The shares will be listed on NSE Emerge, a platform for small and medium enterprises.

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The Gujarat-based firm, which is into recycling of waste tyres, plans to offer up to 76 lakh equity shares with a face value of Rs 10 each through the book-building process.

In the Initial Public Offering (IPO), there will be a fresh issue of 60 lakh shares and 16 lakh shares will be offloaded through the offer for sale route by the promoter group, it said in a statement.

Proceeds from the public issue will be utilised to set up a new facility in Dhule district of Maharashtra, with a recycling capacity of 100 MT waste tyres per day. The proceeds will also be utilised for working capital requirements and other general corporate purposes.

The company has appointed Beeline Capital Advisors as book running lead manager to the issue. Hi-Green Carbon is the flagship company of Rajkot-based Radhe Group of Energy.

For the year ended March 2023, Hi-Green Carbon reported a total revenue of Rs 79.03 crore and a net profit of Rs 10.49 crore.