Godavari Biorefineries is scheduled to finalize the basis of allotment of its shares on Monday, October 28. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, October 28. The Mumbai-based solar player saw a historic response from the investors.
The IPO of Godavari Biorefineries was open for bidding between October 23 and October 25. It had offered its shares in the fixed price band of Rs 334-352 per share with a lot size of 42 shares. The company raised a total of Rs 554.75 crore from its IPO, which included a fresh share sale of Rs 325 crore and offer-for-sale (OFS) of up to 65,26,983 equity shares.
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The issue was overall subscribed merely 1.83 times, thanks to the last minute interest from qualified institutional bidders (QIBs), whose quota was booked a 2.76 times. The allocation for retail investors was booked 1.71 times. The portion for non-institutional investors(NIIs) was undersubscribed at 90 per cent only during the bidding process.
Grey market premium (GMP) of Godavari Biorefineries has seen a sharp correction following a muted response from investors. Last heard, the company was commanding a premium of Rs 5 in the unofficial market, suggesting a listing pop of merely one per cent for the investors. The GMP stood at Rs 25 when the issue opened for bidding.
Incorporated in 1956, Godavari Biorefineries manufactures ethanol-based chemicals in India. The Mumbai-based company’s product portfolio includes bio-based chemicals, sugar, various grades of ethanol, and power. These products are used in industries such as food, beverages, pharmaceuticals, flavours and fragrances, power, fuel, personal care, and cosmetics.
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Brokerages had mixed views on the issue but mostly are positive on it suggesting investors to subscribe to it for a long term citing it being the largest global manufacturer, government’s focus on ethanol production. However, rich valuations, high amount of debt and financial inconsistency are the major concerns for the company.
Equirus Capital and SBI Capital Markets are the book running lead managers of the Godavari Biorefineries IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with October 30, Wednesday as the tentative date of listing.
Investors, who bade for the issue of Godavari Biorefineries, can check the allotment status on the Bombay Stock Exchange (BSE) website:
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1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Godavari Biorefineries Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
