Godavari Biorefineries Shares Tumble at Market Debut

Godavari Biorefineries saw its stock decline by nearly 3% on its market debut. The company's initial public offering was subscribed 1.83 times. Proceeds from the IPO will primarily be used for debt payment and corporate purposes. The firm produces ethanol-based chemicals and other bio-based products.

Shares of Godavari Biorefineries Ltd, an ethanol and bio-based chemicals maker, closed nearly 3% lower than the issue price in their market debut. The stock initially opened at Rs 310.55 on the BSE, marking an 11.77% decline from the issue price of Rs 352, and closed at Rs 342.85.

On the NSE, Godavari's shares listed at Rs 308, a 12.5% drop, closing the day at Rs 343.90. The firm holds a market valuation of Rs 1,754.57 crore following this IPO.

The company's Rs 555-crore initial public offering was subscribed 1.83 times. The IPO included a fresh issue worth Rs 325 crore and an offer-for-sale by promoters. Proceeds will be used for debt repayment and general corporate activities.

(With inputs from agencies.)