Godavari Biorefineries Makes Disappointing Stock Market Debut

Godavari Biorefineries Ltd shares opened at a 12.5% discount from the issue price of Rs 352, with shares debuting at Rs 310.55 on the BSE and Rs 308 on the NSE. The IPO, which raised Rs 555 crore, was subscribed 1.83 times, funding debt payment and corporate purposes.

The shares of Godavari Biorefineries Ltd, a well-known ethanol and bio-based chemicals maker, made a disappointing debut by listing at a 12.5% discount from its issue price of Rs 352. The stock opened at Rs 310.55 on the BSE, showing an 11.77% decline from its marked price.

Meanwhile, in the NSE, the shares listed at Rs 308, continuing to mirror the downward trend. As one of India's key manufacturers of ethanol-based products, Godavari Biorefineries reached a market valuation of Rs 1,750.47 crore.

The initial public offering (IPO) amounted to Rs 555 crore, attracting a subscription rate of 1.83 times. The funds raised include Rs 325 crore from fresh equity and Rs 230 crore from an offer-for-sale by promoters and investors, set to address debt and general corporate expenses.

(With inputs from agencies.)