Godavari Biorefineries shares were listed at Rs 308 on the National Stock Exchange (NSE), 12.5% below the issue price. Whereas, it was listed on Bombay Stock Exchange (NSE) 11.78% down at Rs 310.55.
Kanpi had fixed the price band of Rs 352 for this issue. This total was subscribed 1.83 times till the last day of bidding.
The issue of Godavari Biorefineries was worth ₹554.75 crore.
This issue total of Godavari Biorefineries was Rs 554.75 crore. For this, the company issued 92,32,955 fresh shares worth Rs 325 crore. Whereas, the existing investors of the company sold 6,526,983 shares worth Rs 229.75 crore through Offer for Sale i.e. OFS.
The company had reserved 50% of the issue for Qualified Institutional Buyers (QIB), about 35% for retail investors and the remaining 15% for Non-Institutional Investors (NII).
Godavari Biorefineries Limited established in 1956
Godavari Biorefineries, established in 1956, manufactures chemicals for ethanol. According to the data till June 2024, the company's capacity to produce ethanol is 570 kiloliters per day. The company's product portfolio includes bio-based chemicals, sugar, different types of ethanol, power.
They are used in industries like food, beverages, pharma, flavors and fragrances, power, fuel, personal care and cosmetics. Godavari Biorefineries has two manufacturing facilities and three R&D facilities.
What is IPO?
When a company issues its shares to the general public for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.
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