Godavari Biorefineries Launches ₹554.75 Crore IPO on October 23

18 Oct 2024 , 12:21 PM

Godavari Biorefineries’ IPO opens for bidding on October 23 and will close on October 25. The price band for the IPO is set at ₹334-₹352 per share, with a minimum application size of 42 equity shares.

The IPO includes a fresh issue of shares worth ₹325 crore and an offer-for-sale (OFS) of 65.26 lakh equity shares by promoters and shareholders. At the upper price band, the company plans to raise ₹554.75 crore through the IPO.

Funds from the fresh issue will be used to repay borrowings and for general corporate purposes, while OFS proceeds go to the selling shareholders.

Incorporated in 1956, Godavari Biorefineries produces ethanol-based chemicals, including bio-based chemicals, sugar, ethanol, and power. The company’s products are used in industries like food, beverages, pharmaceuticals, power, personal care, and cosmetics.

The company operates a 570 KLPD ethanol biorefinery and is the largest MPO producer globally as of March 31, 2024. Godavari Biorefineries has notable clients including Hershey India, Hindustan Coca-Cola Beverages, LANXESS India, and Privi Speciality Chemicals. The company serves 20+ countries and operates two plants in Karnataka and Maharashtra. Shares will be listed on BSE and NSE on October 30, 2024.