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Gandhar Oil Refinery India Limited IPO Detail

Gandhar Oil Refinery India Limited IPO Detail
Gandhar Oil Limited is a prominent manufacturer of white oils that caters to the consumer and healthcare end-industries. As of June 30, 2022, the company offers an extensive range of over 350 products that primarily fall under three categories - personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO) - under the brand name "Divyol".
The company's products serve as crucial ingredients for various end products in sectors such as consumer goods, healthcare, automotive, industrial, power, tyre, and rubber, and are used by leading Indian and global companies.
As of June 2022, company has catered to 100 countries across the globe. The company served more than 3500 clients including companies like Procter & Gamble ("P&G"), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare.

Company Promoters

Mr Ramesh Babulal Parekh, Mr Samir Ramesh Parekh and Mr Aslesh Ramesh Parekh

IPO Details

IPO Opening DateNov 22, 2023
IPO Closing DateNov 24, 2023
Issue TypeBook Built Issue IPO
Face Value₹2 per equity share
IPO Price ₹160 - 169 per equity share
Market Lot88 Shares
Min Order Quantity88 Shares
Listing AtBSE, NSE
Issue Size₹500.69 Cr
Fresh Issue₹302.00 Cr
Offer for Sale₹198.69 Cr
Retail Portion 35%

IPO Subscription (Bidding Detail)

Day 1 1.35x 7.99x 7.25x - 5.73x
Day 2 3.14x 27.21x 18.12x - 15.79x
Day 3 129.06x 64.34x 29.93x - 65.62x

IPO Tentative Timetable

The Gandhar Oil Refinery India Limited IPO open date is Nov 22, 2023, and the close date is Nov 24, 2023. The issue may list on Nov 30, 2023.

IPO Open DateNov 22, 2023
IPO Close DateNov 24, 2023
Basis of Allotment DateNov 29, 2023
Initiation of RefundsNov 29, 2023
Credit of Shares to Demat AccountNov 29, 2023
IPO Listing DateNov 30, 2023

IPO Lot Size

The Gandhar Oil Refinery India Limited IPO market lot size is 88 shares. A retail-individual investor can apply for up to 13 lots (1144 shares or ₹193336).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding87.50%
Post Issue Share Holding64.63%

Company Financials:

For the year/period ended (₹ in Cr.)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-21 1100.60 2242.38 98.49
31-Mar-22 1317.83 3568.80 160.07

Objects of the Issue:

The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds. The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:

Investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda;
Capital expenditure through purchase of equipment and civil work required for (i) expansion in capacity of automotive oil at the company's Silvassa Plant; (ii) expansion in the capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja Plant; and (iii) expansion in capacity of white oils by installing blending tanks at the company's Taloja Plant;
Funding working capital requirements of the Company; and
General corporate purposes.

Gandhar Oil Refinery India Limited IPO Registrar:

Link Intime India Private Ltd

Gandhar Oil Refinery India Limited IPO Lead Manager(s):

Edelweiss Financial Services Ltd ICICI Securities Limited

Company Contact Information:

Gandhar Oil Refinery India Limited

18th floor, DLH Park,

S.V. Road

Goregaon (W), Mumbai 400 062