Godavari Biorefineries IPO closes today: 0.59x subscription, GMP up 4%

The three-day subscription window for the Godavari Biorefineries IPO, which opened on Monday, October 21, 2024, is set to conclude today

Godavari Biorefineries IPO closes today: The initial public offering (IPO) of Godavari Biorefineries, which opened for public subscription on Monday, October 21, 2024, is set to conclude today. The Godavari Biorefineries IPO is a book-built issue of Rs 554.75 crore, comprising a fresh issue of 9,232,955 shares and an offer for sale of 6,526,983 shares, with a face value of Rs 10 apiece. Ahead of the IPO, Godavari Biorefineries, on Tuesday, October 22, 2024, raised Rs 166.42 crore from anchor investors.

 

Godavari Biorefineries IPO subscription status  

Available at a price band of Rs 334 - Rs 352 per share, with a lot size of 9 shares, the public issue of Godavari Biorefineries has so far received a muted response from investors, who have applied for 66,79,512 shares against 1,12,74,739 offered, resulting in the subscription of 0.59 times as of 10:12 AM on Friday, October 25, 2024, according to NSE data.

 

The Godavari Biorefineries IPO received the highest participation from the retail investors, who subscribed for 1.05 times, followed by Non-Institutional Investors (NIIs), who bid for 0.29 times. Meanwhile, the quota reserved for Qualified Institutional Buyers (QIBs) has received bids for 8,526 shares against 31,45,977 shares offered. 

 

Investors can bid for a minimum of 42 Godavari Biorefineries shares and in multiples thereof.

 

Godavari Biorefineries IPO grey market premium (GMP)  

The unlisted shares of Godavari Biorefineries continue to command a positive premium in the grey market on the final day of subscription. Sources tracking grey market activities reveal that Godavari Biorefineries shares were trading at a premium of Rs 15 against the upper end of the IPO price of Rs 352, a GMP of 4.26 per cent. GMP usually serves as a market sentiment indicator, helping investors gauge IPO demand and potential listing price.

 

Godavari Biorefineries IPO allotment, listing date  

The three-day subscription window to bid for the Godavari Biorefineries IPO ends today. Following the closure of the subscription window, the company’s basis of allotment of shares is expected to be finalised on Monday, October 28, 2024, and subsequently, they will be credited to demat accounts on Tuesday, October 29, 2024.

 

The tentative listing date for Godavari Biorefineries shares is Wednesday, October 30, 2024, when the company’s shares will list on BSE and NSE.

 

About Godavari Biorefineries 

Godavari Biorefineries (GBL) is one of India's largest producers of ethanol and a pioneer in manufacturing ethanol-based chemicals. The company's product portfolio comprises bio-based chemicals, sugar, rectified spirits, ethanol, various grades of alcohol, and power. Additionally, Godavari Biorefineries is India's fourth-largest manufacturer of ethyl acetate and the only company in India to produce bio-based ethyl acetate.