- Price Band fixed at ₹ 334 to ₹ 352 per equity share of face value of ₹10 each
- Bid /Offer Opening Date is on Wednesday, October 23, 2024 and Bid /Offer Closing Date is on Friday, October 25, 2024
- The Anchor Investor Bidding Date is on Tuesday, October 22, 2024
- Bids can be made for a minimum of 42 Equity Shares and in multiples of 42 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, OCT 21
Mumbai-based Godavari Biorefineries Limited, one of the prominent manufacturers of ethanol based chemicals in India, on Monday announced its ₹545 crore initial public offer slated to open for subscription on Wednesday, October 23 and will close on Friday, October 25. The anchor investment date is fixed as Tuesday, October 22.
The Offer comprises fresh issue of such number of Equity Shares aggregating up to ₹ 325 crore and offer for sale of up to 6,526,983 Equity .
The price band of the Offer has been fixed at ₹ 334 to ₹ 352 per Equity Share. Bids can be made for a minimum of 42 Equity Shares and in multiples of 42 Equity Shares thereafter.
The Company intends to utilize the Net Proceeds towards repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company, estimated to be ₹ 240 crore and balance amount of the Net Proceeds towards general corporate purposes.
The Offer for Sale comprises up to 500,000 Equity Shares by Somaiya Agencies Private Limited, up to 500,000 Equity Shares by Samir Shantilal Somaiya, up to 200,000 Equity Shares by LakshmiwadiMines and Minerals Private Limited; up to 300,000 Equity Shares by Filmedia Communication Systems Private Limited, up to 100,000 Equity Shares by Somiya Properties Investment Private Limited and up to 4,926,983 Equity Shares by Mandala Capital AG Limited.
In the IPO, 50 per cent of the issue is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors (NIIs).
The company has a wide and diversified product portfolio, comprising bio-based chemicals, sugar, different grades of ethanol and power. These products are used in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care and cosmetics.
The company has two manufacturing facilities. One is located in the Bagalkot district in Karnataka – Sameerwadi Manufacturing Facility – and the other one is in the Ahmednagar district in Maharashtra – Sakarwadi Manufacturing Facility.
The company has secured 18 patents and holds 53 registrations for its products across multiple countries as of October 2024.
The company operates an integrated biorefinery with a capacity of 570 KLPD for ethanol production as of June 30, 2024. Notably, it is the largest global producer of MPO and the only Indian manufacturer of bio ethyl acetate.
Apart from domestic market, the company has an international presence with customers spread across the world including Australia, China, Germany, France, Italy Japan, Kenya, Netherlands, Singapore, United Kingdom, United Arab Emirates, Indonesia and the United States of America (USA).
The company’s profit stood at ₹12.30 crore as of March 31, 2024, lower from ₹19.64 crore in the year-ago period. Meanwhile, its revenue also declined to ₹1,701.06 crore from ₹2,023.08 year-on-year.
Equirus Capital Private Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.
