Ethanol and bio-based chemicals maker: Godavari Biorefineries plans to launch over Rs 700-cr IPO ‘at right time’
- ByStartupStory | April 18, 2022
On Sunday, Godavari Biorefineries Ltd, Ethanol and bio-based chemicals maker said it is watching the geo-political situation and will make its share market debut at the right time.
The company has already received the market regulator Sebi’s final approval for its initial public offering (IPO), said Godavari Biorefineries Ltd, CEO and Managing Director Samir Somaiya.
He further said that they got Sebi’s final comments on their IPO request during November-end (2021). They have one year to get listed. For the listing they will look at the right time.
Somaiya said, stating that the geo-political situation has changed in the last few months: They will see how the geo-political situation changes and if the time is right and for the listing the market is once again ready, then they will plan the listing.
Till November this year the company has time to list the IPO. he said that the primary offering would be about Rs 370 crore. Sources, however, said from a mix of primary and secondary offerings, the cumulative size of IPO would be over Rs 700 crore.
Bagalkot (Karnataka) and Ahmednagar (Maharashtra) besides research and development (R&D) units are the two manufacturing sites of Godavari Biorefineries Ltd.
Somaiya said the company has begun expansion of ethanol capacity from current 380 kilolitre per day (KLPD) to 570 KLPD and it will be completed by November this year, as there is huge opportunity in green and sustainable chemistry.
For manufacturing second generation ethanol and energy cane the company is also in the “development stage”, he said.
Recently, a ‘bhoomi pujan’ of a speciality chemical plant has been performed by the company and a research lab has been opened at Ahmednagar.
Both sugar and bio-chemicals, were the Mumbai-headquartered Godavari Biorefineries exports. From over 20 countries it has its customers.
Follow Startup Story
Related Posts
