Godavari Biorefineries Ltd. was incorporated on January 12, 1956. It is one of the manufacturers of ethanol-based chemicals in India and an integrated bio-refinery in India with an installed capacity of 570 KLPD (kilo litres per day) for manufacturing ethanol as of June 30, 2024. The company was one of India’s largest producers of ethanol in terms of volume as of March 31, 2024 (source: Frost & Sullivan Report).
| Bidding Dates |
|---|
| 23 Oct 2024 - 25 Oct 2024 |
| Subscription |
|---|
| 1.83x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,028 | 1 | 13 | 42 | 15.8 M | ₹334 - ₹352 | 63.31 % | ₹5263.8 M - ₹5547.5 M | RHP DOC |
Godavari Biorefineries Ltd. IPO SUBSCRIPTION STATUS
25 Oct '24Godavari Biorefineries Ltd. IPO overall subscription rate was 1.83 times the total available shares
Godavari Biorefineries Ltd. IPO retail subscription rate was 1.71 times in the retail segment
Godavari Biorefineries Ltd. IPO non-institutional investor subscription rate was 0.9 times in the non-institutional investor category
Godavari Biorefineries Ltd. IPO Qualified Institutional Bidder subscription rate was 2.76 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
25 Oct 2024 (Day 3) | 1.71x | 0.9x | 2.76x |
24 Oct 2024 (Day 2) | 0.96x | 0.26x | - |
23 Oct 2024 (Day 1) | 0.48x | 0.12x | - |
Godavari Biorefineries Ltd. FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| Q1FY25 | -261.1 | 5,225.3 | -144.8 | -211.9 | -1.8% |
| FY24 | 123.0 | 16,866.7 | 1,856.7 | 1,305.5 | 8.8% |
| FY23 | 196.4 | 20,146.9 | 1,969.6 | -202.2 | 7.7% |
| FY22 | 191.0 | 17,023.3 | 448.6 | -45.3 | 8.3% |
Godavari Biorefineries Ltd. IPO SUBSCRIPTION STATUS DETAILS
Godavari Biorefineries Ltd. had 15.8 M shares on offer
Godavari Biorefineries Ltd. IPO offer price was in the range ₹334 - ₹352
Godavari Biorefineries Ltd. IPO minimum Investment was ₹14028
Godavari Biorefineries Ltd. IPO issue size was ₹ 5263.8 M - ₹ 5547.5 M
Godavari Biorefineries Ltd. had a minimum lot size of 42 Shares per application
Godavari Biorefineries Ltd. NUMBER OF SHARES ON OFFER
Godavari Biorefineries Ltd. IPO IMPORTANT DATES
| Issue Open Date | 23 Oct 2024 |
| Issue close Date | 25 Oct 2024 |
| Allotment Date | 28 Oct 2024 |
| Refund Date | 29 Oct 2024 |
| Demat Account Credit Date | 29 Oct 2024 |
| Listing Date | 30 Oct 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Godavari Biorefineries Ltd. Allotment Status | Exchange |
Godavari Biorefineries Ltd. IPO subscription opened on 23 Oct 2024, and closed on 25 Oct 2024
IPO allotment for Godavari Biorefineries Ltd. was finalized on Monday, 28 Oct 2024
IPO listing for Godavari Biorefineries Ltd. was on NSE and BSE on Wednesday, 30 Oct 2024
Godavari Biorefineries Ltd. IPO LISTING GAINS
| Issue Price (adjusted) | 352.0 |
| Listing Open Price | 308.0 |
| Listing Close Price | 343.2 |
| Listing Gain% | -12.5% |
| Current Gain% | -29.8% |
Godavari Biorefineries Ltd. Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Godavari Biorefineries Ltd. | 247 | 1263.8 | 5611.2 | 55.2 | 0.6 | 0.4 | 0.2 | 2000.2 | 6 | 3.5 | 115.1 | 0 | 101.7 |
| Pidilite Industries Ltd. | 1660 | 168953.2 | 63.8 | 3 | 11 | 22.6 | 15.9 | 14867 | 11.1 | 2448.9 | 17.9 | 26 | 21.4 |
| SRF Ltd. | 2615 | 77515.1 | 35.9 | 0.7 | 4.6 | 13.1 | 7.6 | 15893.6 | 7.2 | 1835.2 | 46.7 | 72.9 | 51.1 |
| Gujarat Fluorochemicals Ltd. | 4518.1 | 49631.3 | 85.9 | 14.7 | 9.9 | 7.3 | 4.9 | 5038 | 3.8 | 578 | 5.8 | 52.6 | 5.9 |
| Himadri Speciality Chemical Ltd. | 752.6 | 37975.8 | 47.5 | 1.6 | 7.6 | 16 | 11.9 | 4832 | 3.6 | 751.3 | 35.2 | 15.8 | 30 |
| Aether Industries Ltd. | 1591.6 | 21122.5 | 89.8 | 2.6 | 17.3 | 8.9 | 6.8 | 1181.1 | 34.2 | 219.5 | 38.5 | 17.7 | 34 |
Godavari Biorefineries Ltd. INFORMATION ON IPO ISSUE
About Godavari Biorefineries Ltd.
Godavari Biorefineries Ltd. was incorporated on January 12, 1956. It is one of the manufacturers of ethanol-based chemicals in India and an integrated bio-refinery in India with an installed capacity of 570 KLPD (kilo litres per day) for manufacturing ethanol as of June 30, 2024. The company was one of India’s largest producers of ethanol in terms of volume as of March 31, 2024 (source: Frost & Sullivan Report).
Object of the Issue
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company.
- General corporate purposes.
Godavari Biorefineries Ltd. - PROMOTERS
| Name |
|---|
| Samir Shantilal Somaiya |
| Lakshmiwadi Mines and Minerals Private Limited |
| Sakarwadi Trading Company Private Limited |
| Somaiya Agencies Private Limited |
Godavari Biorefineries Ltd. Book running lead manager
Equirus Capital Private Limited
godavari.ipo@equirus.com
SBI Capital Markets Limited
godavari.ipo@sbicaps.com
Godavari Biorefineries Ltd. Registrar to the offer
Link Intime India Private Limited
godavari.ipo@linkintime.co.in
Godavari Biorefineries Ltd. Strengths
Largest integrated bio-refinery in India
The company has the largest integrated bio-refinery in India in terms of installed capacity as of March 31, 2024
Diversified product portfolio
The company has over the years expanded and diversified its manufacturing capabilities and product portfolio. It has a diversified product portfolio, which primarily includes Bio-based chemicals, sugar, and ethanol
Well-developed in-house research and development capabilities
The company has three DSIR-recognized R&D facilities: one at each manufacturing site and one in Navi Mumbai, Maharashtra. Each R&D facility is equipped with advanced infrastructure focused on developing new products and optimizing manufacturing processes
Godavari Biorefineries Ltd. Risks
Dependent on a few suppliers
The company depends on a few suppliers for a significant portion of its raw materials (excluding sugarcane). Any failure to procure these raw materials from these suppliers may adversely impact its manufacturing operations and results
Small product portfolio
The company has historically derived a significant portion of its revenues from the sale of a few products, namely sugar, ethyl acetate, ethanol, and 3-methyl-3-penten-2-one (MPO). Revenues from these products may decline due to increased competition, pricing pressures, and fluctuations in demand or supply, which may adversely affect the business
Dependent on third party manufacturers
The company is dependent on certain third-party manufacturers for the sale of products under its retail brand "Jivana." Any disruption in these third-party manufacturers' ability to supply these products, or their failure to meet quality standards or delivery timelines, could adversely affect the business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 229.8 crore, of 6,526,983 shares. It also consists of a fresh issue of Rs 325.0 crore.
The promoters of the company are Samir Shantilal Somaiya, Lakshmiwadi Mines and Minerals Private Limited, Sakarwadi Trading Company Private Limited and Somaiya Agencies Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 334.0 - 352.0.
The IPO application opens on Oct 23, 2024 and closes on Oct 25, 2024.
The minimum lot size for the IPO is 42. The maximum lot size for the IPO is 546.
For all category investors, the minimum application amount for this IPO is Rs. 14,028.0, the maximum value for this IPO is Rs 192,192.0.
This IPO will be allotted on Oct 28, 2024.
The refund will be credited to your account on Oct 29, 2024.
The allotted shares will be credited to your demat on Oct 29, 2024.
Godavari Biorefineries Ltd.’s shares listed on the stock exchanges on Oct 30, 2024.