Godavari Biorefineries Ltd. raised Rs 166.4 crore from anchor investors on Tuesday ahead of its initial public offering. The company allotted 47.3 lakh shares at Rs 352 apiece to 19 anchor investors.
ICICI Prudential ELSS Tax Saver Fund and 360 One Equity Opportunity Fund got the highest allocation of 11.33%. HDFC Mutual Fund - HDFC Manufacturing Fund got the second highest allotment of 8.58%, while Franklin India Opportunities, Bandhan Small Cap Fund and Edelweiss Trusteeship Co Ltd. AC - Edelweiss MF Ac-Edelweiss Recently Listed IPO Fund got 5.41% stake in the company.
Six domestic mutual funds have applied through 10 schemes. They have collectively netted 50.22% of the anchor portion, the sugar manufacturer said in an exchange filing on Tuesday.
ICICI Prudential, HDFC, Whiteoak Capital and Edelweiss Fund House were among the top fund houses in this category. Equirus Capital Pvt. and SBI Capital Markets Ltd. are the book-running lead managers to the issue.
The company will launch on Wednesday its Rs 554.8-crore IPO, which is a combination of a fresh issue of 92 lakh shares worth Rs 325 crore and an offer for sale of 65 lakh shares worth Rs 229.8 crore.
It has set a price band of Rs 334 to Rs 352 per share for its three-day IPO. The minimum application lot size is 42 shares. The offer, which concludes on Friday, is set to list on the BSE and the National Stock Exchange.
The management of Godavari Biorefineries told NDTV Profit that the company primarily plans to retire Rs 240-crore debt with the fresh proceeds from the IPO. The remaining amount will be used for general corporate purposes.
Established in 1956, Godavari Biorefineries works in conversion of biomass into food, biofuels and chemicals. The company manufactures ethanol-based chemicals, with a product portfolio of bio-based chemicals, sugar, various grades of ethanol and power.
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