Godavari Biorefineries IPO Set to Launch: Price Band ₹334-352, Key Dates & Details Inside

Godavari Biorefineries is preparing to launch its Initial Public Offering (IPO) with a price range set between ₹334 and ₹352 per share. The IPO is scheduled to open for subscription on October 23 and will close on October 25. The date for anchor investors has been fixed as October 22. After the subscription period ends, the allotment of shares is likely to take place on October 28, with the company’s stock expected to be listed on October 30.

The total size of the IPO is ₹554.75 crore, which includes a fresh issue of shares worth ₹325 crore and an offer-for-sale (OFS) worth ₹229.75 crore. Under the OFS, Mandala Capital will be selling its entire stake of 49,26,983 equity shares. Mandala Capital had originally acquired these shares at an average price of ₹188.91 per share.

Other shareholders participating in the sale include several company promoters such as Somaiya Agencies Private Limited, Samir Shantilal Somaiya, Lakshmiwadi Mines and Minerals Private Limited, Filmedia Communication Systems Private Limited, and Somaiya Properties and Investments Private Limited.

The money raised from the fresh issue will be used by Godavari Biorefineries to repay or pre-pay certain loans and debts, either in full or in part, and for general corporate purposes. The offer-for-sale portion of the IPO will allow the selling shareholders to offload their equity stakes, with Mandala Capital completely exiting its investment in the company.

This upcoming IPO marks a key milestone for Godavari Biorefineries as it looks to raise capital for its business operations and provide an exit to some of its existing investors. Investors looking to participate in the IPO will have from October 23 to October 25 to place their bids within the price range of ₹334 to ₹352 per share. The final allotment of shares will be based on the demand during this subscription period.