Godavari Biorefineries IPO Closed
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Schedule of Godavari Biorefineries
| Issue open date | 23 Oct 2024 |
| Issue close date | 25 Oct 2024 |
| UPI mandate deadline | 25 Oct 2024 (5 PM) |
| Allotment finalization | 28 Oct 2024 |
| Refund initiation | 29 Oct 2024 |
| Share credit | 29 Oct 2024 |
| Listing date | 30 Oct 2024 |
| Mandate end date | 09 Nov 2024 |
| Lock-in end date for anchor investors (50%) | 27 Nov 2024 |
| Lock-in end date for anchor investors (remaining) | 26 Jan 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Godavari Biorefineries
Incorporated in 1956, Godavari Biorefineries Limited integrates sugar, power, chemicals, and distillery operations. The company’s portfolio includes bio-based and ethanol-based chemicals, sugar, rectified spirits, ethanol, and power, serving industries such as agrochemicals, cosmetics, pharmaceuticals, and beverages. Its operations extend to over 20 countries, contributing to its consolidated revenues.
The company emphasizes research and development, with several patented products developed through collaborations. It operates two manufacturing facilities in Karnataka and Maharashtra, with a focus on the bio-refinery sector.
Financials of Godavari Biorefineries
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹554.75 crores |
| Fresh Issue | ₹325.00 crores |
| Offer for sale | ₹229.75 crores |
Utilization of proceeds
| Purpose | INR crores (%) |
| Repayment of certain borrowings | 240.00 (73.85%) |
| General corporate purposes | 85.00 (26.15%) |
*All figures except EPS are in ₹ Crores
Strengths
- Broad portfolio of bio-based chemicals and diversified product offerings, reducing reliance on any single product
- In-house R&D facilities focused on innovation and process optimization, supporting product development and manufacturing improvements.
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Long-standing relationships with a diverse customer base across industries and geographies.
- A key producer of ethanol in India with an integrated bio-refinery setup.
Risks
- Dependency on sugarcane, molasses, and feedstock availability could disrupt operations if there are seasonal shortages or adverse weather conditions.
- Reliance on a limited number of suppliers for raw materials may impact manufacturing if supply chains are disrupted.
- Revenue from ethanol sales is largely dependent on government policies, with any changes to the ethanol-blended petrol program potentially affecting financial performance.
- Client inspections and quality audits are critical, and failure to meet standards could lead to contract losses, affecting business and cash flows.
- The company has unsecured borrowings that may be recalled at any time, posing a liquidity risk.