Godavari Biorefineries IPO: A Sweet Venture in Ethanol and Bio-based Chemicals

Godavari Biorefineries Ltd's IPO was subscribed 54% on the second day. Retail investors' segment saw 96% subscription. The total IPO size is Rs 555 crore, including Rs 166 crore from anchor investors. Proceeds will help in debt payment and corporate purposes with a price range of Rs 334 to Rs 352.

Godavari Biorefineries Ltd's initial public offering was subscribed 54% by the second day of bidding, with retail investors leading the charge at 96% subscription. Non-institutional investors lagged at 26%.

The Maharashtra-based company has raised Rs 166 crore from anchor investors, contributing to the total IPO size of Rs 555 crore. The IPO combines a fresh equity issue worth Rs 325 crore and an offer-for-sale by promoters and an investor, valued at Rs 230 crore.

Proceeds from the fresh issue, priced between Rs 334 to Rs 352 per share, will be allocated to debt repayment and general corporate purposes. Godavari Biorefineries, known for its ethanol-based chemicals, serves sectors like food, pharmaceuticals, and personal care.

(With inputs from agencies.)