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

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.

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.

Godavari Biorefineries IPO: Allotment and listing date

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.