Godavari Biorefineries Sets IPO Price Band: Aiming for Rs 555-Crore Kick-Off

Godavari Biorefineries Ltd is launching its Initial Public Offering (IPO) with a price range of Rs 334-352 per share, aiming to raise Rs 555 crore. The IPO comprises a fresh issue and an Offer for Sale, with proceeds allocated for debt repayment and corporate purposes. The company plays a key role in the fast-growing bio-based chemicals sector.

Godavari Biorefineries Ltd announced the price band for its Rs 555-crore Initial Public Offering (IPO) at Rs 334-352 per share, which will be available for subscription from October 23 to 25. Anchor investors can start bidding on October 22, according to the company's release.

The IPO features a mix of fresh equity shares valued at Rs 325 crore and an Offer for Sale (OFS) of 65.27 lakh shares worth Rs 230 crore by promoters and an investor. Mandala Capital AG Ltd is set to sell 49.27 lakh shares through the OFS route.

Godavari Biorefineries plans to utilize Rs 240 crore from the fresh issue for debt repayment, channeling the rest for general corporate activities. Managed by SBI Capital Markets and Equirus Capital Markets, the Maharashtra-based company is a leader in ethanol-based chemical production.

(With inputs from agencies.)