Godavari Biorefineries gets go ahead from SEBI for IPO

The company plans to raise funds through a fresh issue of equity shares aggregating up to Rs. 325 crore and offer for sale of up to 6,526,983 equity shares

By ICN Bureau | September 17, 2024
Godavari Biorefineries Limited, one of the prominent manufacturers of ethanol based chemicals in India, has received a final observation letter from Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). 

The company plans to raise funds through a fresh issue of equity shares aggregating up to Rs. 325 crore and offering for sale of up to 6,526,983 equity shares.

As on March 31, 2024, the company has the largest integrated bio-refinery in India in terms of installed capacity and were also the largest manufacturer of MPO (3 Methyl-3 Penten-2-One) worldwide in terms of installed capacity, one of only two manufacturers of natural 1,3 butylene glycol and the only company in India to manufacture bio ethyl acetate according to Frost & Sullivan Report.

According to Frost & Sullivan Report, the company has set up India’s first bio-based EVE (Ethyl Vinyl Ethers) manufacturing facility in India as on March 31, 2024 and is poised to capitalize on the import substitution opportunity for EVE in India.

Godavari Biorefineries’ diverse 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.

Source: India Chemical News