The initial public offering (IPO) of Godavari Biorefineries continued to struggle following a cold response from the investors during the third and final day of the bidding process. The issue was merely subscribed 27 per cent on the first day and ended day two of bidding barely crossing the halfway mark.

The Godavari Biorefineries is selling its shares in the price band of Rs 334-352 apiece. Investors can apply for a minimum of 42 shares and its multiples thereafter. It is looking to raise Rs 554.75 crore via IPO, which includes a fresh share sale of Rs 325 crore, and an offer-for-sale (OFS) of up to 6,526,983 lakh equity shares.

According to the data, the investors made bids for 80,04,444 equity shares, or 71 per cent, compared to the 1,12,74,739 equity shares offered for the subscription by 11.55 am on Friday, October 25. The three-day bidding for the issue, which opened on Wednesday, October 23, concludes today.

The allocation for retail investors was subscribed 1.25 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 38 per cent. However, the quota set aside for qualified institutional bidders (QIBs) quota was yet to attract any significant bids as of the same time.