Mon Oct 28 05:58:29 UTC 2024: ## Godavari Biorefineries IPO Receives Tepid Response on Day 1
**Mumbai, October 25:** Godavari Biorefineries Limited’s initial public offering (IPO) has received a lukewarm response on its first day, with subscriptions reaching only 0.29 times. While the retail category saw 0.52 times subscription, non-institutional investors (NII) only subscribed 0.12 times.
The IPO, which is set to close today, aims to raise ₹554.75 crore. The company is issuing 9,232,955 fresh shares worth ₹325 crore, while existing investors are offloading 6,526,983 shares worth ₹229.75 crore through an offer for sale (OFS).
The IPO’s price band has been fixed at ₹334-₹352 per share. Retail investors can bid for a minimum of one lot, comprising 42 shares. At the upper price band of ₹352, one lot would cost ₹14,784. Retail investors can bid for a maximum of 13 lots (546 shares), requiring an investment of ₹192,192 at the upper price band.
The company has reserved 50% of the issue for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NII).
Godavari Biorefineries’ shares are expected to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 30.
First Piper 