Godavari Biorefineries IPO Day 2: Issue subscribed 41% so far; check lot size, timeline and key details

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2 min read | Updated on October 24, 2024, 11:47 IST

SUMMARY

Godavari Biorefineries IPO, with a price band of ₹334-₹352 per share, is a new offering of shares worth ₹325 crore and an offer-for-sale (OFS) of ₹230 crore. The initial share sale will conclude on Friday, October 25.

Maharashtra-based Godavari Biorefineries is a key manufacturer of ethanol-based chemicals.

Godavari Biorefineries IPO has received a tepid response from investors, with the issue being subscribed 41% so far on Thursday, the second day of bidding.

The ₹554.75 crore initial public offering has received bids for 46,38,942 equity shares compared to 1,12,74,739 shares on offer, according to cumulative data on NSE.

Retail individual investors subscribed the most, with their quota being booked 74%. The part reserved for non-institutional investors (NIIs) was subscribed 18%.

On Tuesday, Godavari Biorefineries Ltd had raised over ₹166 crore from anchor investors such as HDFC Mutual Fund, SBI General Insurance, Whiteoak Capital Fund, Societe General and Goldman Sachs (Singapore) Pte Ltd.

The IPO, with a price band of ₹334-₹352 per share, is a new offering of shares worth ₹325 crore and an offer-for-sale (OFS) of ₹230 crore. The initial share sale will conclude on Friday, October 25.

The net issue proceeds will be used for debt payment and general corporate purposes.

Investors can apply for at least one lot size or 42 shares worth ₹14,028 and in multiples thereafter.

The company has set aside 50% for qualified institutional buyers (QIBs), 35% for retail investors and 15% for NIIs.

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Godavari Biorefineries IPO: Allotment and listing date

The Godavari Biorefineries IPO allotment status will likely be finalised on October 28. Shares will be credited to the Demat accounts of successful investors on October 29, and refunds for unsuccessful bidders will be processed on the same day. The company's shares will be listed on the NSE and the BSE on October 30.

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Godavari Biorefineries IPO: About the company

Maharashtra-based Godavari Biorefineries is a key manufacturer of ethanol-based chemicals such as ethyl acetate, MPO, 1,3 butylene glycol, crotonaldehyde, bio-ethyl acetate, acetaldehyde and bio-acetic acid.

These products are used in sectors such as pharmaceuticals, food, beverages, flavours and fragrances, fuel, personal care, power, and cosmetics.

To learn more about IPO listings, schedules, and upcoming IPOs, visit our page.

About The Author

Kamal Joshi is a business journalist who covers industries, markets and IPOs. He is passionate about breaking news and enjoys playing tennis, where he loves flexing his backhand.

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Godavari Biorefineries IPO Day 2: Issue subscribed 41% so far; check lot size, timeline and key details

Godavari Biorefineries IPO: Allotment and listing date

Godavari Biorefineries IPO: About the company

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