Godavari Biorefineries IPO Subscription Details on Day 2

24 Oct 2024 , 01:13 PM

Godavari Biorefineries’ IPO, specializing in ethanol and bio-based chemicals, opened on October 23, 2024, and will close on October 25, 2024.

The company raised ₹166 Crore from anchor investors, including HDFC Mutual Fund, Whiteoak Capital Fund, Goldman Sachs (Singapore), Societe Generale, and SBI General Insurance, as per a BSE circular.

The IPO price band is set between ₹334 to ₹352 per equity share, with a lot size of 42 shares.

The IPO structure allocates 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. At the time of writing, on October 24, 2024 at 1:06 pm, the IPO received overall subscription of 0.45 times, the Retail investors’ portion received 0.81 times subscription, NIIs at 0.20 times, while the QIBs’ portion is yet to be booked.

Based in Maharashtra, Godavari Biorefineries is a leading producer of ethanol-based chemicals with products like bio-based chemicals, ethanol, sugar, and power.

The IPO comprises a fresh equity issue worth ₹325 Crore and an Offer for Sale (OFS) of 65.27 lakh shares, valued at ₹230 Crore, leading to a total IPO size of ₹555 Crore.

Private equity firm Mandala Capital AG Ltd is selling 49.27 lakh shares via the OFS. Proceeds of ₹240 Crore will be used for debt repayment, with remaining funds for corporate purposes. Equirus Capital and SBI Capital Markets are the lead managers, and Link Intime India is the registrar.