20-Jun-2024
2 mins read
Godavari Biorefineries Limited filed a DRHP and will be coming up with its public issue in the upcoming time; the public issue will be offering a 100% book-built offer. This upcoming IPO is offering a fresh issue worth up to Rs 32.5 Lakh of equity shares. The face value is reported as Rs. 10 for each share. This new IPO issue is being made through the book-building process with a reservation of not more than 50% of the new offer reserved for Qualified Institutional Investors, not less than 15% reserved for NII and the remaining 35% or more reserved for Retail Individuals. So, when will the IPO come? The Application for public issue and subscription opening/closing dates and other important dates will be declared soon. At the same time, the public issue price band at which you can bid will be declared soon.
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About Godavari Biorefineries Limited
Godavari Biorefineries stands out as a leading manufacturer of ethanol-based chemicals in India. As of March 31, 2024, it operates India's largest integrated bio-refinery, emphasising a diverse product portfolio including ethanol, bio-based chemicals, and power. The company boasts significant milestones, such as being the largest global producer of MPO by capacity and pioneering bio-ethyl acetate production in India. With a robust R&D focus and strategic expansions planned, including a 2G ethanol plant, it aims to enhance sugarcane valorisation and expand its market reach internationally. Positioned strongly in various sectors, from pharmaceuticals to cosmetics, it continues to innovate and drive sustainable growth.
Godavari Biorefineries Limited IPO Objectives
The company said they utilise the net proceeds towards funding the repayment or prepayment, in full or in part, of certain borrowings availed by our company and general corporate purposes. The amount to be utilised for general corporate purposes alone shall not exceed 25% of the Gross Proceeds.
Financials of the Company
As of March 31, 2024, compared to March 2023, the company's assets increased by 14.23% to Rs 1,991.66 crore. However, revenue decreased by 16.28% to Rs 1,686.67 crore, and profit after tax dropped by 37.37% to Rs 12.30 crore for the same period. Total borrowing also decreased to Rs 663.27 crore from Rs 738.01 crore as compared to FY24 from FY23. These numbers show how the company's finances have been and where exactly there is a need to make strategic changes.
Lead manager(s), Registrar of IPO & Promoters of the Company
The IPO is managed by Equirus Capital Private Limited, SBI Capital Markets Limited, which is the book-running lead manager of this public issue. Link Intime India Private Limited has been appointed as the registrar for the issue, while the company has various promoters are Samir Shantilal Somaiya, Lakshmiwadi Mines and Minerals Private Limited, Sakarwadi Trading Company Private Limited and Somaiya Agencies Private Limited.
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