Godavari Biorefineries has taken a critical step towards raising funds through an IPO. On June 15, it filed the preliminary documents with SEBI for the same.
It would result in a fresh issue of equity shares worth ₹ 325 crore and an offer-for-sale component under the proposed IPO structure. Besides, promoters and an investor would offer 65.27 lakh equity shares through the OFS route, as per the draft red herring prospectus (DRHP). According to the draft prospectus, private equity firm Mandala Capital AG proposes to sell 49.27 lakh shares through this route.
Proceeds from the fresh issue would be mainly used for debt repayment of ₹240 crore, while the rest would be utilized for general corporate purposes. SBI Capital Markets and Equirus Capital Markets would lead the public issue as book-running lead managers.
Godavari Biorefineries, based in Maharashtra, offers a wide range of products that encompass bio-based chemicals, sugar, several varieties of ethanol, and power. The product basket finds its place with clients across very broad industry segments: food and beverages, pharmaceuticals, flavours and fragrances, power, fuel, personal care, and cosmetics.
