Godavari Biorefineries IPO day 2: Check subscription status, GMP, & more

The subscription window to bid for the Godavari Biorefineries IPO, which opened yesterday, is set to conclude tomorrow, Friday, October 25, 2024

Godavari Biorefineries has so far received decent participation from investors for its initial public offering (IPO), which opened for public subscription yesterday, October 23, 2024. The company has received bids for 41,78,118 shares against 1,12,74,739 shares offered, resulting in a subscription of 0.37 times by around 10:30 AM Tuesday, as per NSE data. 

 

Godavari Biorefineries IPO has been subscribed 0.66 times by the Retail Individual Investors (RIIs) and 0.16 times by the Non-Institutional Investors (NIIs). Meanwhile, the public issue has received the lowest bid from the Qualified Institutional Buyers (QIBs) who placed bids for 8,526 shares against 31,45,977 shares reserved for the category.

 

That said, the grey market premium (GMP) of Godavari Biorefineries continues to remain positive on the second day of subscription. Sources tracking grey market activities reveal that Godavari Biorefineries shares were trading at a premium of Rs 25 against the upper end of the IPO price of Rs 352, resulting in a GMP of 7.1 percent on Thursday.

 

Through the public issue, Godavari Biorefineries seeks to raise Rs 554.75 crore by offering a fresh issue of 9,232,955 shares and an offer for sale of 6,526,983 shares of a face value of Rs 10 each. Godavari Biorefineries has fixed the price band for the IPO at Rs 334-352, with a lot size of 42 shares. Accordingly, investors can bid for a minimum of 42 shares and in multiples thereof.

 

The public issue of Godavari Biorefineries will conclude for subscription on Friday, October 25, 2024. Following the closure of the Godavari Biorefineries IPO subscription window, the basis for the allotment of the company's shares is expected to be finalised on Monday, October 28, 2024. Godavari Biorefineries shares are likely to make their debut on the exchanges on Wednesday, October 30, 2024, by listing on the BSE and NSE.

 

SBI Capital Markets and Equirus Capital are the book-running lead managers of the Godavari Biorefineries IPO. Link Intime India is the registrar for the issue.

 

The Maharashtra-based Godavari Biorefineries is one of the leading manufacturers of ethanol-based chemicals in India. The company's diversified product portfolio comprises bio-based chemicals, sugar, different grades of ethanol, and power. These products find application in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care, and cosmetics.