Godavari Biorefineries IPO: If you are thinking of investing money in IPO, then you have another opportunity coming. Another IPO of Mainboard will be open for investment from next week. This IPO is of Godavari Biorefineries. You will be able to invest money in Godavari Biorefineries IPO from 23rd October. The IPO will close on October 25. This issue will open for anchor investors on October 22. A price band of Rs 334-352 per share has been announced for the Rs 555 crore IPO.
what are the details
The IPO comprises a fresh issue of Rs 325 crore and an offer for sale (OFS) of 6.53 million shares by its existing shareholders and promoters. Private equity firm Mandala Capital AG will exit the company by selling its entire stake of 49,26,983 equity shares in the OFS. The average cost of acquisition of these shares is Rs 188.91 per share. In fact, it will be the largest selling shareholder in the offer-for-sale OFS, while the other sellers in the OFS will be Somaiya Agencies, Sameer Shantilal Somaiya, Laxmiwadi Mines & Minerals, Filmidia Communication Systems and Somaiya Properties, all promoters.
Also read: Tata company’s profit fell by 32%, now there is a rush to sell shares. Also read: Founder made 400 employees millionaires overnight by selling the company before the IPO.
corporate planning
The funds raised from the IPO will be used to repay debt of Rs 240 crore. The rest of the funds will be used for general corporate purposes. Let us tell you that till June 2024 it had a consolidated debt of Rs 748.9 crore. The allotment will be finalized on October 28, and refunds and share credits will take place on October 29, followed by stock listing on October 30.
company business
Godavari Biorefineries is a Mumbai, Maharashtra based company established on January 12, 1956. The 68 year old company supplies products to many major players like Hershey India, Hindustan Coca-Cola Beverages, Karnataka Chemical Industries, Techno Vaxchem, Lanxess India, IFF Inc., Ankit Raj Organo Chemicals, Escorts Chemical Industries, Khushboo Dye Chem, Privy Specialty Chemicals, Shivam Supplies. It had reported a profit of Rs 12.3 crore for the year ending March 2024, down from Rs 19.6 crore in the previous year, while revenue declined to Rs 1,686.7 crore from Rs 2,014.7 crore during the same period. It has reported a loss of Rs 26.1 crore on revenue of Rs 522.5 crore for the quarter ending June 2024.
