Ethanol and bio-based chemical substances maker Godavari Biorefineries Ltd on Sunday stated it’s watching the geo-political situation and can make its share market debut “at the right time”.
Godavari Biorefineries Ltd CEO and Managing Director Samir Somaiya advised PTI that the company has already acquired the market regulator Sebi’s closing approval for its preliminary public providing (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 stated.
Stating that the geo-political situation has modified in the previous couple of months, Somaiya stated: “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 until November this year to record the IPO. About Rs 370 crore could be the first providing, he stated.
Sources, nevertheless, stated the cumulative measurement of IPO could be over Rs 700 crore from a mixture of main and secondary choices.
“IPO funding is going for the investments that we are doing in Karnataka,” Somaiya added.
Godavari Biorefineries Ltd has two manufacturing websites — Bagalkot (Karnataka) and Ahmednagar (Maharashtra) in addition to analysis and growth (R&D) models.
As there’s enormous alternative in inexperienced and sustainable chemistry, Somaiya stated the company has begun growth of ethanol capability from present 380 kilolitre per day (KLPD) to 570 KLPD and it is going to be accomplished by November this year.
The company can be within the “development stage” of producing second technology ethanol and vitality cane, he stated.
“We are working much more on research. We have done a lot of work on 2nd, 3rd (generation) ethanol. We think the time for that will come (for 2nd generation ethanol). We know how to do it and gaps that need to be filled. I will say it is in the development stage,” he added.
Recently, the company carried out a ‘bhoomi pujan’ of a speciality chemical plant and opened a analysis lab at Ahmednagar.
Mumbai-headquartered Godavari Biorefineries exports each sugar and bio-chemicals. It has prospects from over 20 nations.