Latest News | Godavari Biorefineries Files IPO Papers; Eyes Rs 325 Crore Via Fresh Issue
Get latest articles and stories on Latest News at LatestLY. Ethanol and bio-based chemicals maker Godavari Biorefineries Ltd on Saturday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
New Delhi, Jun 15 (PTI) Ethanol and bio-based chemicals maker Godavari Biorefineries Ltd on Saturday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The proposed initial share-sale is a combination of fresh issue of equity shares worth Rs 325 crore and an Offer-for-Sale (OFS) of 65.27 lakh equity shares by promoters and an investor according to the draft red herring prospectus (DRHP).
Private equity firm Mandala Capital AG Ltd is offloading 49.27 lakh shares through the OFS route.
Proceeds from the fresh issue to the tune of Rs 240 crore will be used for debt payment and the remaining amount for general corporate purposes.
The Maharashtra-based Godavari Biorefineries is one of the prominent manufacturers of ethanol-based chemicals in India.
The company's diversified product portfolio comprises bio-based chemicals, sugar, different grades of ethanol and power. These products find application in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care and cosmetics.
According to Frost & Sullivan Report, the bio-based chemicals market has been growing exponentially owing to the increasing need for environmentally sustainable solutions. The market for bio-based chemicals in 2023 was valued at USD 97.2 billion, and is expected to be growing at a CAGR (compound annual growth rate) of 10.4 per cent, for the next five years from 2023 to 2028.
SBI Capital Markets and Equirus Capital Markets are the book running lead managers of the public issue.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)