Godavari Biorefineries IPO, situated in Maharashtra, is a well-known producer of chemicals derived from ethanol in India.
Godavari Biorefineries Ltd., a producer of biobased chemicals and ethanol, submitted preliminary paperwork to capital markets regulator Sebi on Saturday to seek money through an initial public offering (IPO).
According to the draft red herring prospectus (DRHP), the planned initial share sale consists of an offer for sale (OFS) of 65.27 lakh equity shares by promoters and an investor, along with a fresh issue of equity shares worth Rs 325 crore.
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Mandala Capital AG Ltd, a private equity firm, is selling 49.27 lakh shares via the OFS.
A total of Rs 240 crore of the latest issue’s proceeds will be applied to debt repayment, with the remainder sum going toward general corporate objectives.
Godavari Biorefineries, situated in Maharashtra, is a well-known producer of chemicals derived from ethanol 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 the 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 percent, 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.
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