Khaitan, ELP act on Godavari Biorefineries ₹554.75 crore IPO

Godavari Biorefineries Limited has made an initial public offering comprised of 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.

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.

Economic Laws Practice (ELP) represented the promoters of Godavari Biorefineries Limited in the sale of their shares as part of the offer for sale in the Company’s IPO. ELP's scope of work included reviewing and advising the promoter selling shareholders on the terms of the IPO and offer for sale and related agreements.

The transaction team consisted of Manendra Singh (Partner) and Tanvi Goyal (Associate Partner).

Godavari Biorefineries is one of the manufacturers of ethanol-based chemicals in India and is an integrated bio-refinery in India and one of India’s largest producers of ethanol.

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.

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