IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

Up to [●] equity shares aggregating up to ₹ 3,700 million

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investors  |   Eligible Employees and Eligible Shareholders  |  

About Godavari Biorefineries Limited

Godavari Biorefineries Limited is recognised as India's largest integrated bio-refinery and a leading producer of ethanol. It is a pioneer in manufacturing ethanol-based chemicals, standing out as the largest global manufacturer of MPO and one of the only two producers of natural 1,3 butylene glycol worldwide.

Additionally, it is the fourth-largest ethyl acetate producer in India and the only company in India to produce bio-ethyl acetate. The company’s diverse portfolio includes bio-based chemicals, sugar, rectified spirits, ethanol, various alcohol grades, and power, catering to industries such as agrochemicals, cosmetics, flavors and fragrances, food, fuel, paints, coatings, and pharmaceuticals.

Part of the Somaiya group, which has extensive experience in the sugar and bio-based chemicals industries, Godavari Biorefineries utilises sugarcane to produce a wide range of products. It was among the first in India to use sugarcane juice and syrup for ethanol production.

The Sameerwadi Manufacturing Facility ranks among India's top ten sugar complexes, with significant ethanol production capacity. The company aims to expand its ethanol production capacity from 380 KLPD to 570 KLPD (Kilo Liters Per Day), with plans to manufacture 2nd generation ethanol and energy cane to enhance feedstock availability for its distillery segment.

The chemicals produced include ethanol-based substances like ethyl acetate, bio-ethyl acetate, MPO, 1,3 butylene glycol, crotonaldehyde, acetaldehyde, acetic acid, bio-acetic acid, and paraldehyde. These chemicals serve various industries, including agrochemicals, cosmetics, food, fuel, and pharmaceuticals. The ethanol produced is sold to oil marketing companies and used in beverages, pharmaceuticals, and chemicals.

Godavari Biorefineries emphasises R&D, holding 13 patents and 41 registrations globally. It operates three R&D facilities registered with the Department of Scientific and Industrial Research, Government of India. The company collaborates with various institutions for advancements, including cancer treatment research. For instance, it has entered into an MoU with Dr. Sendurai Mani for developing small molecule inhibitors for cancer. The R&D team, comprising 38 research scientists, focuses on identifying and developing new products.

With a strong global presence, Godavari Biorefineries exports to over 20 countries, including Australia, China, France, Germany, Italy, Japan, Kenya, Netherlands, Nigeria, Singapore, Switzerland, the UK, the UAE, and the USA. It maintains offices in the Netherlands and the USA, enabling better international demand assessment and customer outreach.

The company operates two manufacturing facilities in Karnataka and Maharashtra. The Sameerwadi Manufacturing Facility is dedicated to producing rectified spirits and ethanol, sugar, and power. The Sakarwadi Manufacturing Facility focuses on bio-based chemicals.

Godavari Biorefineries implements sustainable practices, purchasing sugarcane from farmers who adopt sustainable methods and minimising waste in its operations. It has received several awards, including the "Water Resource Management in Chemical Industry" Award from the Indian Chemical Council and the "Outstanding Renewable Energy Generation-Biofuel" award from the Indian Federation of Green Energy.

Industry Outlook:

  1. The Indian government aims to increase the chemical sector's share of the manufacturing GDP to 25% by 2025, providing Godavari Biorefineries Limited with a conducive environment for expansion and innovation.
  2. Specialty chemicals in India are projected to grow at a CAGR of 11-12% over the next five years, driven by demand from pharmaceuticals, personal health, hygiene, and agrochemicals.

Godavari Biorefineries Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Allocate ₹2,140 million for repaying or pre-paying certain company borrowings to reduce financial liabilities.
  2. Invest ₹448.44 million to expand the sugarcane crushing capacity at the Sameerwadi Manufacturing Facility, enhancing production capabilities.
  3. Utilise ₹106.20 million to establish a potash manufacturing unit at the Sameerwadi facility, diversifying product offerings and increasing revenue potential.
  4. Allocate remaining funds towards general corporate purposes to support overall business growth and operational efficiency.

Peer Details

According to DRHP, there are no listed companies in India that operate in a business similar to Godavari Biorefineries Limited.

How to Check the Allotment Status of the Godavari Biorefineries Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

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Contact Details of Godavari Biorefineries Limited IPO

  • Registered office: Somaiya Bhavan, 45/47, M.G. Road, Fort, Mumbai - 400 001, Maharashtra
  • Phone: +91 22 6170 2100
  • E-mail:investors@somaiya.com

IPO Financials

Particulars Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue from Operations (in ₹ million) 16,866.65 20,146.94 17,023.29
Profit After Tax (PAT) (in ₹ million) 122.99 196.37 190.97
Cash & Cash Equivalents (in ₹ million) 111.12 212.73 100.25
Return on Net Worth (%) 4.73% 7.89% 8.21%
Earnings Per Share (“EPS”) (in ₹ million) 2.93 4.68 4.55
EBITDA (in ₹ million) 1,479.35 1,546.16 1,405.34
Return On Capital Employed (%) 9.53 10.59 10.64

Know before investing


  1. Leading Indian ethanol producer with 380 KLPD capacity.

  2. Expanding rectified spirits and ethanol production for fuel blending.

  3. Diverse portfolio: bio-based chemicals, sugar, and power.

  4. Plans for second-generation ethanol and speciality chemicals production.

  5. Strong relationships with key customers ensure stable demand.


  1. Heavy reliance on sugarcane and molasses for production.

  2. Susceptible to seasonal changes, adverse weather, and crop diseases.

  3. R&D critical; failure to innovate may impact financial health.

  4. Government ethanol policy changes could reduce revenue.

  5. Dependency on a few suppliers for non-sugarcane raw materials.

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Peer Comparison

Companies Revenue (In Rs cr)
Bajaj Hindustan Sugar 6,672
Shree Renuka Sugars Ltd 5,462
Balrampur Chini Mills 4,812
Triveni Engineering & Industries 4,703
Dhampur Sugar Mills Ltd 4,232
Avadh Sugar and energy 2,711
Dalmia Bharat Sugar 2,686
E.I.D Parry India 2,024
Dwarikesh Sugar Industries 1,839
Uttam Sugar Mills Ltd 1,819
Bannari Amman Sugars Ltd 1,561
Godavari Biorefineries 1,538
Mawana Sugars Ltd 1,469
Ugar Sugar Works Ltd 1,118

Godavari Biorefineries Ltd IPO FAQs

What is Godavari Biorefineries Limited Limited's IPO?

Godavari Biorefineries Limited IPO is a book-built IPO. The exact dates and price range are yet to be announced. 

When will Godavari Biorefineries Limited's IPO be allotted?

The exact dates and price range are yet to be announced. 

When will Godavari Biorefineries Limited's IPO open for subscription?

The IPO subscription window is not announced yet.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot. However, the lot size has not been announced yet.

When will Godavari Biorefineries Limited list on exchanges?

The exact date is not announced yet.

How do I check the allotment status of the Godavari Biorefineries Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you had applied for. 
  • Check the IPO allotment status as such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

What would be the listing gains on the Godavari Biorefineries Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The exact date is not announced yet.

I have finished the application process for the Godavari Biorefineries Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Godavari Biorefineries Limited IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Godavari Biorefineries Limited using one PAN?

You can submit only one application using your PAN card.