Godavari Biorefineries IPO Subscribed 1.83 Times

New Delhi, Oct 25 (PTI) The initial public offer of ethanol and bio-based chemicals maker Godavari Biorefineries Ltd got subscribed 1.83 times on the last day of bidding on Friday.

The Rs 555-crore initial share sale received bids for 2,06,19,354 shares against 1,12,74,739 shares on offer, according to data available with the NSE.

The Qualified Institutional Buyers (QIBs) part attracted 2.76 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 1.71 times. The category for non-institutional investors received 90 per cent subscription.

Godavari Biorefineries Ltd on Tuesday said it has raised over Rs 166 crore from anchor investors.

The initial share sale is a combination of a fresh issue of equity shares worth Rs 325 crore and an offer-for-sale (OFS) of 65.27 lakh equity shares valued at Rs 230 crore at the upper end of the price band by promoters and an investor. This translates into the total IPO size of Rs 555 crore.

The price range for the offer is Rs 334-352 per share.

Proceeds from the fresh issue to the tune of Rs 240 crore will be used for debt payment and the remaining amount for general corporate purposes.

Maharashtra-based Godavari Biorefineries is one of the prominent manufacturers of ethanol-based chemicals in India. The company's diversified product portfolio comprises bio-based chemicals, sugar, different grades of ethanol and power.

These products find application in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care and cosmetics.

SBI Capital Markets and Equirus Capital are the book-running lead managers of the public issue.