Fri Oct 25 11:20:43 UTC 2024: **Summary of Godavari Biorefineries IPO News Article:**

– **IPO Launch and Subscription:** Godavari Biorefineries’ IPO began on October 23 and saw a slow start, being subscribed by only 27% on the first day. Retail investors subscribed 48%, non-institutional investors 12%, while the qualified institutional buyers’ portion remained unsubscribed.

– **Anchor Investment:** Prior to the IPO, the company raised ₹166.42 crore from 15 anchor investors, including major players like ICICI Prudential and Goldman Sachs.

– **IPO Details:** The IPO is open for subscription from October 23 to 25, with a price range of ₹334 to ₹352 per share. It consists of a fresh equity issue of ₹325 crore and an Offer-for-Sale (OFS) of ₹230 crore from promoters and investors, making the total size ₹555 crore.

– **Use of Proceeds:** Funds raised from the fresh issue will primarily be utilized to repay ₹240 crore in debt, with the remainder allocated for general corporate purposes.

– **Valuation and Allocation:** At the upper price band, the company’s valuation is estimated at ₹1,800 crore. The issue allocation is structured as 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

– **Company Overview:** Godavari Biorefineries, based in Maharashtra, is a significant producer of ethanol and related chemicals, supplying various sectors, including food, pharmaceuticals, and personal care.

– **Market Activity:** Currently, the shares are not trading in the grey market, implying an expected listing price likely at ₹352.

– **Lead Managers:** SBI Capital Markets and Equirus Capital Markets are managing the IPO.

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