Khaitan & Co provides legal counsel to Godavari Biorefineries and Book Running Lead Managers (BRLMs) on the ₹554.75 crore initial public offering (IPO)

Khaitan & Co served as the legal advisor to Godavari Biorefineries Limited and the Book Running Lead Managers (BRLMs)—Equirus Capital Private Limited and SBI Capital Markets Limited—on the company’s ₹554.75 crore Initial Public Offering (IPO) of equity shares.
The legal team, led by Partner Abhimanyu Bhattacharya, also included Principal Associate Vijayaraghavan, Senior Associate Tishita Mukherjee, and Associates Ira Pandya, Ayushi Saumya, and Dipsa Prasanth.
The IPO consisted of 15,759,937 equity shares, raising ₹554.75 crore. This included a fresh issue of 9,232,954 equity shares, raising ₹325 crore, and an offer for sale of 6,526,983 equity shares by existing shareholders, amounting to ₹229.75 crore.
Bidding for the IPO commenced on October 23 and closed on October 25, with the offering being subscribed 1.9 times overall. The retail investor category was subscribed 1.8 times, while Qualified Institutional Buyers (QIBs) showed the highest interest with a 2.8 times subscription rate. The Non-Institutional Investors (NIIs) category was subscribed 0.9 times.
On October 30, the IPO opened on the NSE at ₹308 per share, reflecting a 12.5% discount to the issue price of ₹352 per share. This marked a significant step for Godavari Biorefineries in its journey to go public.