Godavari Biorefineries Limited’s initial public offering (IPO) was subscribed 1.83 times on the third and final day of the bidding process, as investors bid for 2.06 crore shares compared to 1.12 crore shares available.
The book build issue combines a fresh issue and an Offer for Sale (OFS). The IPO opened for bidding on October 23.
On the final day of the bidding, the Qualified Institutional Buyers (QIB) portion of the public issue was subscribed 2.76 times. Retail investors followed the QIBs, subscribing 1.71 times on top of their allotted portion. The Non-Institutional Investors (NII) subscribed to the public offer 0.90 times on the final day, according to data collected from the Bombay Stock Exchange.
The IPO price band was set at ₹334 to ₹352 per equity share with a face value of ₹10 per share. The company raised ₹166.42 crore from its anchor investors. The IPO has a lot size of 42 shares.
The company intends to raise ₹554.75 crore from the public issue, of which ₹325 crore will be raised through the issuance of fresh shares.
Godavari Biorefineries IPO GMP today
As of October 25, Godavari Biorefineries IPO’s grey market premium (GMP) is ₹5. The GMP is the investor’s willingness to pay more on top of the issue price.
The company’s price band is at the upper level of ₹352, and according to investorgain.com, the estimated listing price of Godavari Biorefineries IPO is ₹357. The public issue is expected to list at a gain of 1.42 per cent.
Godavari Biorefineries IPO details
Godavari Biorefineries is an ethanol-based chemicals manufacturer. The company’s product portfolio includes bio-based chemicals, sugar, various grades of ethanol, and power. These products are used in food, beverages, pharmaceuticals, flavours and fragrances, power, fuel, personal care, and cosmetics.
The public issue offers 1,12,74,739 or 1.12 crore shares, of which 20 per cent are to be allotted to Qualified Institutional Buyers, 15 per cent to Non-Institutional Investors, 35 per cent to retail investors, and 30 per cent to anchor investors.
Equirus Capital Private Limited and SBI Capital Markets Limited are the booking runners for the public issue, and Link Intime India Private Limited is the registrar.
