Godavari Biorefineries IPO: Maiden Issue Opens Today, Check Price Band And Other Details Before Subscribing

The price band of the maiden issue has been fixed in the range of Rs 334 to Rs 352 per equity share at the face value of Rs 10. The minimum lot size of the issue is 42 equity shares

Prior to the listing, the initial public offering (IPO) of the company raised more than Rs 166 crore via anchor investors on October 22

Source : Upskillist

Godavari Biorefineries opened its maiden offer for the public on Wednesday. The company specialises in ethanol and bio-based chemical and will close its listing for bidding on Friday, October 25. 

Prior to the listing, the initial public offering (IPO) of the company raised more than Rs 166 crore via anchor investors on October 22, reported Livemint. The investors who participated in the anchor round included Whiteoak Capital Fund, HDFC Mutual Fund, Societe General, SBI General Insurance, and Goldman Sachs (Singapore) Pte Ltd.

The price band of the maiden issue has been fixed in the range of Rs 334 to Rs 352 per equity share at the face value of Rs 10. The minimum lot size of the issue is 42 equity shares and investors will be able to place bids for 42 shares and in multiples of thereafter.

The company has set aside for more than 50 per cent of the public issue for qualified institutional buyers (QIBs), while non-institutional investors have been allotted nearly 15 per cent. Meanwhile, retail investors will be able to bid for 35 per cent of the overall issue.

Official data from BSE revealed that as of 11 AM, the IPO received 6 per cent subscriptions on the first day. The initial share sale received bids for 6,80,106 shares as compared to 1,12,74,739 shares on offer.

The company is based out of Maharashtra and is one of the leading producers of ethanol-based chemicals in the country. The overall portfolio of the firm includes bio-based chemicals, several kinds of ethanol, power, and sugar.

In the bids received, retail investors accounted for 11 per cent, while non-institutional investors subscribed for 3 per cent of the issue. The qualified institutional buyers (QIBs) are yet to place bids for the issue.