Godavari Bio awaits right time to tap market

New Delhi: Ethanol and bio-based chemicals maker Godavari Biorefineries Ltd on Sunday said it is watching the geo-political situation and will make its share market debut 'at the right time'.

Godavari Biorefineries Ltd CEO and MD Samir Somaiya told PTI that the company has already received the market regulator Sebi's final approval for its initial public offering (IPO).

"We got Sebi's final comments on our IPO request during November-end (2021). We have one year to get listed. We will look at the right time for the listing," he said.

Stating that the geo-political situation has changed in the last few months, Somaiya said: "We will see how the geo-political situation changes and if the time is right and the market is once again ready for the listing, then we will plan the listing."

The company has time till November this year to list the IPO. About Rs 370 crore would be the primary offering, he said. Sources, however, said the cumulative size of IPO would be over Rs 700 crore from a mix of primary and secondary offerings.

"IPO funding is going for the investments that we are doing in Karnataka," Somaiya added.

Godavari Biorefineries Ltd has two manufacturing sites at Bagalkot (Karnataka) and Ahmednagar (Maharashtra) besides research and development (R&D) units.