Godavari Biorefineries sets IPO price band at Rs 334-352 per share
Godavari Biorefineries has announced a price band of Rs 334-352 per share for its Rs 555-crore initial public offering (IPO), set to open for subscription on October 23.
The IPO will close on October 25, with anchor bidding beginning on October 22. The allotment will be finalised on October 28, and refunds and share credits will take place on October 29, followed by the stock listing on October 30.
The IPO includes a fresh issue worth Rs 325 crore and an offer-for-sale (OFS) of up to 6.53 million shares by existing shareholders and promoters. Private equity firm Mandala Capital AG will exit the company, selling its entire stake of 49,26,983 shares in the OFS.
Mandala’s average cost of acquisition is Rs 188.91 per share, making it the largest seller in the OFS, alongside promoters Somaiya Agencies, Samir Shantilal Somaiya, Lakshmiwadi Mines and Minerals, Filmedia Communication Systems, and Somaiya Properties.
Proceeds from the fresh issue will be used to repay Rs 240 crore of debt, with the remainder allocated for general corporate purposes. As of June 2024, Godavari Biorefineries had consolidated debt of Rs 748.9 crore.
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