Khaitan & Co advises Godavari Biorefineries, BRLMs on ₹554.75 crore IPO

Khaitan & Co served as legal counsel to Godavari Biorefineries Limited and the Book Running Lead Managers (BRLMs) Equirus Capital Private Limited, SBI Capital Markets Limited, in connection with the company's ₹554.75 crore Initial Public Offering (IPO) of equity shares.

The team was led by Partner Abhimanyu Bhattacharya, along Principal Associate Vijayaraghavan, Senior Associate Tishita Mukherjee, and Associates Ira Pandya, Ayushi Saumya, and Dipsa Prasanth.

The IPO comprised a total of 15,759,937 equity shares, raising an aggregate of ₹554.75 crore

The offering included a fresh issue of 9,232,954 equity shares, amounting to ₹ 325 crore, and an offer for sale of 6,526,983 equity shares by certain shareholders of the company, totalling ₹ 229.75 crore.

Bidding for the IPO opened on October 23 and closed on October 25. By October 25, the Godavari Biorefineries IPO had been subscribed 1.9 times. The retail category had been subscribed 1.8 times, while Qualified Institutional Buyers (QIBs) showed the highest interest, with a 2.8-time subscription rate. The Non-Institutional Investors (NIIs) category saw a subscription rate of 0.9-times.

The IPO opened on October 30 at Rs 308 on the NSE, marking a discount of 12.5 percent over its issue price of Rs 352 per share.

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