Godavari Biorefineries files IPO, aims to raise Rs 325 cr via fresh issue

Ethanol and bio-based chemicals maker Godavari Biorefineries Ltd on Saturday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The proposed 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 by promoters and an investor according to the draft red herring prospectus (DRHP).

Private equity firm Mandala Capital AG Ltd is offloading 49.27 lakh shares through the OFS route.

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, ...