In the Gandhar Oil Refinery IPO, the allocation strategy has reserved 50 percent of the net issue for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs), and the remaining 35 percent for retail investors. Notably, Non-Institutional Investors have shown significant interest, subscribing at an impressive rate of 32.37 times their allocated quota of shares.
Non-institutional investors (NIIs) have demonstrated strong demand in the Gandhar Oil Refinery IPO, subscribing at an impressive rate of 32.37 times their allotted quota of shares. Retail investors have also shown significant interest, with their portion being oversubscribed 19.57 times. In comparison, qualified institutional buyers (QIBs) have subscribed at a rate of 3.35 times. The IPO allocation plan reserved 50 percent of the net issue for QIBs, 15 percent for NIIs, and the remaining 35 percent for retail investors.
The white-oil manufacturer, Gandhar Oil Refinery, aims to raise Rs 500.69 crore through its public offering. The IPO comprises a fresh issue of 1.78 crore shares valued at Rs 302 crore and an offer-for-sale of 1.17 crore shares worth Rs 198.69 crore.
The Gandhar Oil Refinery IPO has a price band of Rs 160 to Rs 169 per share. The lot size is 88 shares, indicating that the minimum investment required by retail investors is Rs 14,872 (88 shares multiplied by the upper price band of Rs 169 per share).
Gandhar Oil Refinery successfully raised Rs 150.2 crore through its anchor book on November 21, in anticipation of the opening of its public issue.
Gandhar Oil Refinery allocated shares to 16 anchor investors as part of its anchor book, and these investors include Morgan Stanley, Societe Generale, Copthall Mauritius Investment, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Whiteoak Capital, Ashoka India Equity Investment Trust, Turnaround Opportunities Fund, Aditya Birla Sun Life Insurance Company, and SBI General Insurance Company.
Gandhar Oil Refinery intends to utilize the proceeds from the IPO for various purposes, including meeting capital working requirements, reducing the debt availed by Texol, and expanding the automotive oil capacities at the Silvassa plant. The company offers a diverse range of over 440 products, primarily categorized under the Divyol brand. These products span across divisions such as personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO).