Godavari Biorefineries Ltd, an ethanol and bio-based chemicals manufacturer, successfully raised over Rs 166 crore from anchor investors on the eve of its IPO launch. The funding comes as part of a strategic preparation for the company's initial share sale to the public.
Prominent players like HDFC Mutual Fund, Whiteoak Capital, and Goldman Sachs were among 19 investment entities purchasing 47.28 lakh shares at Rs 352 each, forming a substantial segment of the IPO's upper price band. This marks a significant step for the Maharashtra-based company in strengthening its market position.
The IPO, starting on October 23, combines fresh issues and an Offer-for-Sale, valued at a total of Rs 555 crore. Proceeds from the fresh issue aim to reduce debt by Rs 240 crore, with the remainder supporting general business operations. Notably, Mandala Capital plans to offload nearly 49.27 lakh shares via the OFS route.
Godavari Biorefineries' IPO Receives Robust Anchor Investment
Source: Viral Trending Buzz
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