Godavari Biorefineries' IPO Seizes Investor Attention with Robust Subscription
Godavari Biorefineries Ltd's IPO gained significant traction, with subscriptions reaching 1.83 times the offer. The Rs 555-crore public offering included both fresh equity shares and an offer-for-sale by promoters. Proceeds will facilitate debt repayment and corporate purposes for the ethanol and bio-based chemicals maker.
- Country:
- India
The public offering of Godavari Biorefineries Ltd, an ethanol and bio-based chemicals producer, closed with a strong 1.83 times subscription on its final bidding day.
The Rs 555-crore IPO, held on Friday, attracted bids for over 2 crore shares against 1.12 crore shares on offer, according to NSE data. Qualified Institutional Buyers (QIBs) showed strong interest with a 2.76 times subscription, and Retail Individual Investors (RIIs) subscribed 1.71 times, though non-institutional investors lagged slightly with 90 per cent.
The IPO comprises a fresh issue of equity shares worth Rs 325 crore and an offer-for-sale worth Rs 230 crore. Godavari Biorefineries plans to use Rs 240 crore from proceeds to repay debt, with the remainder supporting corporate activities. Key industries benefiting from its wide-ranging products include pharmaceuticals, food, and power.
(With inputs from agencies.)
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