Half of the net issue has been set aside by Gandhar Oil Refinery for QIBs, 15% for NIIs, and the remaining 35% for retail investors.
On November 23, the second day of bidding, the Gandhar Oil Refinery IPO has been subscribed 15.25 times thus far. Offers have been made for 2.12 crore shares, while bids have come in for 32.39 crore shares.
Non-institutional investors (NIIs) led the way with 26.23 times more shares booked than their quota. The portion reserved for qualified institutional buyers was booked 3.14 times, compared to 17.24 times for retail investors.
Half of the net issue has been set aside by the company for QIBs, 15% for NIIs, and the remaining 35% for retail investors.
The price range for Gandhar Oil’s IPO is Rs 160–169 per share. Given that there are 88 shares in the lot, retail investors must make a minimum investment of Rs 14,872.
The producer of white oil intends to raise Rs 500.69 crore through the public offering, which consists of an offer to sell 1.17 crore shares valued at Rs 198.69 crore and a fresh issue of 1.78 crore shares valued at Rs 302 crore.
The company intends to utilise the money raised to pay down Texol’s debt, meet working capital requirements, and increase the Silvassa plant’s capacity for producing automotive oil.
The Mumbai-based business offered anchor investors 8.8 million shares at a price of Rs 169 each. Twelve anchor investors received shares: Morgan Stanley, Societe Generale, Aditya Birla Sun Life Insurance Company, Copthall Mauritius Investment, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Whiteoak Capital, Ashoka India Equity Investment Trust, Turnaround Opportunities Fund, and SBI General Insurance Company.
White oil manufacturer Gandhar Oil primarily supplies lubricants, process and insulating oils (PIO), and personal care, healthcare, and performance oils (PHPO) divisions under the Divyol brand.
