Godavari Biorefineries’ IPO sees muted demand, with 66% subscription. Retail investors lead at 1.17 times, while analysts express caution due to significant debt and high valuations. Godavari Biorefineries’ IPO sees muted demand, with 66% subscription. Retail investors lead at 1.17 times, while analysts express caution due to significant debt and high valuations. Economic Times