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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Repayment or prepayment, in full or part, of certain outstanding borrowings availed by the company, estimated at about Rs 240 crore.
General corporate purposes
The balance of the net proceeds is earmarked for general corporate purposes.
(₹ in Crore)
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Godavari Biorefineries Limited, incorporated in 1956, is an Indian manufacturer of ethanol and ethanol-based chemicals. As of mid-2024 the company operated one of India's most sophisticated integrated biorefineries, with an ethanol production capacity of 570 KLPD, alongside sugar, power and distillery operations under one roof. The company describes itself as the world's largest producer of MPO by installed capacity and one of only two manufacturers globally of natural 1,3-butanediol, and it is the only Indian company producing bio ethyl acetate. Its portfolio spans bio-based and ethanol-based chemicals, sugar, rectified spirits, ethanol and power, serving industries such as agrochemicals, cosmetics, pharmaceuticals and beverages, with exports reaching more than 20 countries. Research and development is carried out across three DSIR-registered facilities, backing a portfolio of dozens of product and process registrations and patents. The company is controlled by the Somaiya family through Samir Shantilal Somaiya and related promoter entities. Its IPO combined a fresh issue with an offer for sale, and the company posted a loss in the June 2024 quarter following several years of thin but positive annual profits, reflecting the volatility common to sugar- and agri-linked commodity chemical businesses. It competes with other Indian speciality chemical and sugar-linked manufacturers such as Balrampur Chini, Triveni Engineering, EID Parry and Dwarikesh Sugar.
The anchor book raised about Rs 166.42 crore ahead of the issue opening, with shares allotted at the upper price band of Rs 352 per share. Top participants included ICICI Prudential Mutual Fund, HDFC Mutual Fund, WhiteOak Capital Mutual Fund and 360 ONE Equity, each investing around Rs 18.85 crore, alongside Goldman Sachs, 3P India, Chartered Finance and Leasing, and Franklin India among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Diversified bio-based product portfolio
The company's product range spans ethanol, sugar, power and a wide set of bio-based chemicals, reducing reliance on any single product line.
Established R&D and patent base
Multiple DSIR-registered R&D facilities support a portfolio of product and process registrations and patents, underpinning specialised, higher-value chemistry.
Global reach
The company exports to more than 20 countries, giving it a customer base beyond the domestic market.
Inconsistent recent performance
Revenue and profit have been inconsistent across recent years, and the company posted a loss in the quarter ended June 2024.
Dependence on agricultural inputs
The business relies heavily on sugarcane and molasses, making it sensitive to seasonal conditions, weather and crop-related disruptions.
Recallable unsecured borrowings
A portion of the company's borrowings are unsecured and can be recalled at any time, creating liquidity risk.
MUFG Intime India Private Limited
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