Godavari Biorefineries IPO Day 1: Mainboard issue booked 27%, check subscription status and other key details

Godavari Biorefineries Limited IPO witnessed a lukewarm demand from investors on the first day of bidding on Wednesday, October 23. The mainboard issue was booked only 27% at the end of the bidding on day 1 at 5 pm, the NSE data showed.

Godavari Biorefineries IPO received applications for over 30.45 lakh shares against 1.12 crore shares on offer.

On the first day of subscription, retail individual investors applied for over 27.53 lakh shares against 56.9 lakh shares set aside for the category. The issue was booked 48% in the retail category.

The Non-Institutional Investors (NIIs) placed bids for more than 2.85 lakh shares against 24.38 lakh shares set aside for them on the first day of subscription. The NIIs’ quota was booked 12%. The Qualified Institutional Buyers (QIBs) placed bids for 6,258 lakh shares against 31.45 lakh shares reserved for the category.

Godavari Biorefineries IPO offer size, price band and other details

Godavari Biorefineries IPO, worth ₹554.75 crore, consists of a fresh issuance of 92 lakh shares, aggregating to ₹325 crore, along with an offer-for-sale (OFS) of 65 lakh shares, amounting to ₹229.75 crore.

The IPO price band has been fixed at ₹334 to ₹352 per share.

Retail investors interested in applying for the IPO can place bids for a minimum lot size of 42 shares, which aggregates to an investment of ₹14,784. On the other hand, High Networth Individuals (HNIs) can place bids for a minimum of 14 lots, or 588 shares, amounting to an investment of ₹2,06,976.

Godavari Biorefineries IPO allotment status and listing date

Godavari Biorefineries IPO is open for subscription from Wednesday, October 23, to Friday, October 25.

The IPO's share allotment status is likely to be finalised on Monday, October 28. Refunds will be initiated for unsuccessful bidders on Tuesday, October 29, and successful bidders will receive shares of Godavari Biorefineries in their Demat accounts the same day.

Shares of the company will be listed on the BSE and NSE. The tentative listing date for Godavari Biorefineries shares is Wednesday, October 30.

Godavari Biorefineries: Key financials

Godavari Biorefineries’ revenue for Q1FY25 stood at ₹525.27 crore. The company posted a loss of ₹26.11 crore for the June quarter of FY25. The chemical manufacturer’s net worth for Q1FY25 stood at ₹233.84 crore at the end of the June quarter of FY25.

In FY24, the company's revenue decreased by nearly 16% to ₹1,701.06 crore compared to ₹2,023.08 crore in FY23. The company’s profit-after-tax declined by 37% to ₹12.3 crore in the fiscal ended March 31, 2024, compared to ₹19.64 crore in the preceding fiscal. Its networth grew by over 4% to ₹260.25 crore in FY24 from ₹249.01 crore in FY23.

Godavari Biorefineries IPO Registrar

The book-running lead managers of Godavari Biorefineries IPO are Equirus Capital Private Limited and SBI Capital Markets Limited. The registrar for the company's IPO is Link Intime India Private Ltd.

Godavari Biorefineries Promoters

The promoters of the chemical manufacturer include Samir Shantilal Somaiya, Lakshmiwadi Mines and Minerals Private Limited and Somaiya Agencies Private Limited. Before the issue, the promoters held 81.06% stake in the company. After the public issue, the stake of the promoters will be reduced to 63.31%.

Godavari Biorefineries IPO objectives

The company will use the proceeds of the public issue for repayment of its outstanding borrowings and for general corporate purposes.

About Godavari Biorefineries Limited

Godavari Biorefineries Limited was incorporated in 1956. The company is a manufacturer of ethanol-based chemicals. The company operates an integrated biorefinery with a capacity of 570 Kilo Litres Per Day (KLPD) as of June 30, 2024. The product portfolio of the company includes bio-based chemicals, sugar and various grades of ethanol. The company has two manufacturing facilities which are located in Maharashtra and Karnataka. The company employed 1,583 workers on a permanent basis, as of June 30, 2024.