The initial public offer of ethanol and bio-based chemicals maker Godavari Biorefineries Ltd got subscribed 27 per cent on the first day of bidding on Wednesday.
The initial share sale received bids for 30,45,042 shares, as against 1,12,74,739 shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) received 48 per cent subscription, while the portion meant for non-institutional investors got subscribed 12 per cent.
Godavari Biorefineries Ltd on Tuesday said it has raised over Rs 166 crore from anchor investors.
The 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 valued Rs 230 crore, at the upper-end of the price band, by promoters and an investor. This translates into the total IPO size of Rs 555 crore.
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Private equity firm Mandala Capital AG Ltd is offloading 49.27 lakh shares through the OFS route.
Price range for the offer is Rs 334 to Rs 352 per share.
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.
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SBI Capital Markets and Equirus Capital are the book running lead managers of the public issue.
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