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 Date	Nov 22, 2023
IPO Closing Date	Nov 24, 2023
Issue Type	Book Built Issue IPO
Face Value	₹2 per equity share
IPO Price	₹160 - 169 per equity share
Market Lot	88 Shares
Min Order Quantity	88 Shares
Listing At	BSE, NSE
Issue Size	₹500.69 Cr
Fresh Issue	₹302.00 Cr
Offer for Sale	₹198.69 Cr
Retail Portion	35%

IPO Subscription (Bidding Detail)

AS On	QIB	SHNI	BHNI	NII	RII	TOTAL
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 Date	Nov 22, 2023
IPO Close Date	Nov 24, 2023
Basis of Allotment Date	Nov 29, 2023
Initiation of Refunds	Nov 29, 2023
Credit of Shares to Demat Account	Nov 29, 2023
IPO Listing Date	Nov 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).

Application	Lots	Shares	Amount (Cut-off)
Minimum	1	88	₹14872
Maximum	13	1144	₹193336

IPO Promoter Holding

Pre Issue Share Holding	87.50%
Post Issue Share Holding	64.63%

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