The initial public offer (IPO) of Godavari Biorefineries received 30,45,042 bids for shares as against 1,12,74,739 shares on offer, according to stock exchange data at 16:57 IST on Wednesday (23 October 2024). The issue was subscribed 0.27 times.

The issue opened for bidding on 23 October 2024 and it will close on 25 October 2024. The price band of the IPO was fixed between Rs 334 to 352 per share. An investor can bid for a minimum of 42 equity shares and in multiples thereof.

The IPO consists of a fresh issue of Rs 325 crore and an offer for sale (OFS) of up to 65,26,983 shares by its existing shareholders.

Out of the proceeds from the fresh issue, Rs 240 crore will be used for repayment, prepayment and redemption, in full or in part, of certain borrowings availed of by the company and the balance for general corporate purposes.

Ahead of the IPO, Godavari Biorefineries on Tuesday, 22 October 2024, raised Rs 166.42 crore from anchor investors. The board allotted 47.27 lakh shares at Rs 352 each to 19 anchor investors.

Godavari Biorefineries (GBL) is an integrated sugar company operating in sugar, ethanol, bio-based chemicals and power.

GBL is one of the India’s largest producers of ethanol in terms of volume as of March 31, 2024. It is also the largest manufacturer of3-methyl- 3-pentene-2-one (MPO) worldwide in terms of installed capacity, one of only two manufacturers of natural 1,3 butylene glycol and the only company in India to manufacture bio ethyl acetate.

The firm reported a consolidated net loss of Rs 26.11 crore and net sales of Rs 522.53 crore for the three months ended on 30 June 2024.