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Day 1 sees Gandhar Oil Refinery IPO subscription 5.5 times oversubscribed

Posted on November 22, 2023 By Haley Bennett

Gandhar Oil Refinery’s ₹500.69 crore initial public offer (IPO) has received overwhelming response from investors, with the issue being subscribed 5.5 times on the first day. The non-institutional and retail investor quota was subscribed seven times the shares on offer, and the Qualified Institutional Buyer (QIB) portion was also fully subscribed.

The white oil manufacturer raised ₹150 crore from 16 anchor investors, including domestic mutual funds. The IPO, which closes on November 24, has a price band of ₹160-169 per share, with a minimum lot size for an application set at 88 shares.

The IPO consists of a fresh issue of equity shares worth ₹302 crore and an Offer for Sale (OFS) of 1.17 crore shares by promoters and existing shareholders. The proceeds from the fresh issue will be used for loan repayment and expansion of the Silvassa plant, among other purposes.

Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare industries. Its product suite comprises over 350 products primarily across the personal care, healthcare, and performance oils divisions under the Divyol brand.

The company’s expansion plans include increasing capacity for automotive oil at the Silvassa plant, expanding capacity for petroleum jelly and cosmetic products at the Taloja plant, and increasing capacity of white oils by installing blending tanks at the plant.

Promoters Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, along with other shareholders, are offering shares in the OFS. Other shareholders participating in the OFS include Fleet Line Shipping Services LLC, Denver Bldg Mat & Decor TR LLC, and Green Desert Real Estate Brokers.

Overall, the IPO of Gandhar Oil Refinery has attracted significant interest from both retail and institutional investors, and is set to close on November 24. With its strong product suite and expansion plans, the company is well positioned for future growth.

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:Gandhar Oil lot size, gandhar oil refinery ipo, gandhar oil refinery ipo gmp, gandhar oil refinery ipo listing, gandhar oil refinery ipo price band

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