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Gandhar Oil Refinery India IPO is a book built issue of Rs 500.69 crores. The issue is a combination of fresh issue of 1.79 crore shares aggregating to Rs 302.00 crores and offer for sale of 1.18 crore shares aggregating to Rs 198.69 crores.
Gandhar Oil Refinery India IPO bidding started from November 22, 2023 and ended on November 24, 2023. The allotment for Gandhar Oil Refinery India IPO was finalized on Tuesday, November 28, 2023. The shares got listed on BSE, NSE on November 30, 2023.
Gandhar Oil Refinery India IPO price band is set at ₹160 to ₹169 per share. The minimum lot size for an application is 88 Shares. The minimum amount of investment required by retail investors is ₹14,872. The minimum lot size investment for sNII is 14 lots (1,232 shares), amounting to ₹208,208, and for bNII, it is 68 lots (5,984 shares), amounting to ₹1,011,296.
ICICI Securities Limited and Nuvama Wealth Management Limited are the book running lead managers of the Gandhar Oil Refinery India IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Gandhar Oil Refinery India IPO RHP for detailed information.
| IPO Date | November 22, 2023 to November 24, 2023 |
| Listing Date | November 30, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹160 to ₹169 per share |
| Lot Size | 88 Shares |
| Total Issue Size | 29,626,732 shares (aggregating up to ₹500.69 Cr) |
| Fresh Issue | 17,869,822 shares (aggregating up to ₹302.00 Cr) |
| Offer for Sale | 11,756,910 shares of ₹2 (aggregating up to ₹198.69 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 80,000,000 |
| Share holding post issue | 97,869,822 |
Gandhar Oil Refinery India IPO offers 29,626,730 shares. 5,925,346 (20.00%) to QIB, 4,444,010 (15.00%) to NII, 10,369,356 (35.00%) to RII and 8,888,018 (30.00%) to Anchor investors. 117,833 RIIs will receive minimum 88 shares and 1,202 (sNII) and 2,404 (bNII) will receive minimum 1,232 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 8,888,018 (30.00%) | NA |
| QIB Shares Offered | 5,925,346 (20.00%) | NA |
| NII (HNI) Shares Offered | 4,444,010 (15.00%) | |
| bNII > ₹10L | 2,962,673 (10.00%) | 2,404 |
| sNII < ₹10L | 1,481,337 (5.00%) | 1,202 |
| Retail Shares Offered | 10,369,356 (35.00%) | 117,833 |
| Total Shares Offered | 29,626,730 (100%) |
Gandhar Oil Refinery India IPO raises Rs 150.21 crore from anchor investors. Gandhar Oil Refinery India IPO Anchor bid date is November 21, 2023. Gandhar Oil Refinery India IPO Anchor Investors list
| Bid Date | November 21, 2023 |
| Shares Offered | 8,888,018 |
| Anchor Portion Size (In Cr.) | 150.21 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 28, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 26, 2024 |
Gandhar Oil Refinery India IPO opens on November 22, 2023, and closes on November 24, 2023.
| IPO Open Date | Wednesday, November 22, 2023 |
| IPO Close Date | Friday, November 24, 2023 |
| Basis of Allotment | Tuesday, November 28, 2023 |
| Initiation of Refunds | Wednesday, November 29, 2023 |
| Credit of Shares to Demat | Wednesday, November 29, 2023 |
| Listing Date | Thursday, November 30, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 24, 2023 |
Investors can bid for a minimum of 88 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 88 | ₹14,872 |
| Retail (Max) | 13 | 1144 | ₹193,336 |
| S-HNI (Min) | 14 | 1,232 | ₹208,208 |
| S-HNI (Max) | 67 | 5,896 | ₹996,424 |
| B-HNI (Min) | 68 | 5,984 | ₹1,011,296 |
| Lot Size Calculator | |||
Promoters of the company are Mr. Ramesh Babulal Parekh, Mr. Samir Ramesh Parekh and Mr. Aslesh Ramesh Parekh.
| Share Holding Pre Issue | 87.50% |
| Share Holding Post Issue | 64.63% |
Incorporated in 1992, Gandhar Oil Limited is a manufacturer of white oils that caters to the consumer and healthcare end industries.
As of June 30, 2023, the product suite comprised over 440 products primarily across the personal care, healthcare, and performance oils ("PHPO"), lubricants, and process and insulating oils ("PIO") divisions under the "Divyol" brand.
As of June 2023, the company has catered to 100 countries across the globe including Europe, Africa, and the Americas. The company served over 3500 clients, including Procter & Gamble (P&G), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami, Amrutanjan Healthcare, Supreme Petrochem and other leading Indian manufacturers of pharmaceutical products.
The company has an in-house sales and marketing team that comprises 129 employees as of June 30, 2023.
The company currently operates three manufacturing facilities with a combined annual production capacity of 522,403 kL as of June 30, 2023, with plants located in (i) Taloja, Maharashtra (the "Taloja Plant"), (ii) Silvassa, the Union Territory of Dadra and Nagar Haveli and Daman and Diu (the "Silvassa Plant") and (iii) Sharjah, United Arab Emirates (the "Sharjah Plant") to cater to domestic and overseas demand.
Gandhar Oil Refinery (India) Limited's revenue increased by 20.71% and profit after tax (PAT) rose by 15.67% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 1,795.57 | 1,613.44 | 1,318.21 | 1,097.70 |
| Revenue | 1,071.52 | 4,101.79 | 3,397.98 | 2,069.58 |
| Profit After Tax | 54.28 | 213.18 | 184.30 | 161.14 |
| Net Worth | 810.79 | 760.21 | 560.71 | 375.76 |
| Reserves and Surplus | 763.99 | 719.19 | 529.07 | 355.68 |
| Total Borrowing | 335.62 | 169.53 | 158.16 | 176.78 |
| Amount in ₹ Crore | ||||
The market capitalization of Gandhar Oil Refinery India IPO is Rs 1654 Cr.
| KPI | Values |
|---|---|
| ROE | 32.28% |
| ROCE | 41.19% |
| Debt/Equity | 0.22 |
| RoNW | 32.28% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 23.77 | |
| P/E (x) | 6.16 |
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:
[Dilip Davda] After dropping IPO plans in 2017, the company is now finally coming with its maiden IPO and has proven its mettle with growth in top and bottom lines for the reported periods. It has created a niche place for white oil and is among the top 5 players with renowned customers like HUL, P & G, Emami, Marico, Dabur, etc. Based on annualized FY24 earnings, the issue appears attractively priced. Investors may lap it up for medium to long term rewards. Read detail review...
The Gandhar Oil Refinery India IPO is subscribed 65.63 times on November 24, 2023 7:02:00 PM. The public issue subscribed 29.93 times in the retail category, 129.06 times in the QIB category, and 64.34 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 129.06 |
| NII | 64.34 |
| bNII (bids above ₹10L) | 61.93 |
| sNII (bids below ₹10L) | 69.17 |
| Retail | 29.93 |
| Total | 65.63 |
Total Application : 2,826,431 (23.99 times)
| Listing Date | November 30, 2023 |
| BSE Script Code | 544029 |
| NSE Symbol | GANDHAR |
| ISIN | INE717W01049 |
| Final Issue Price | ₹169 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹169.00 |
| ₹295.40 |
| ₹295.00 |
| ₹344.60 |
| ₹301.50 |
| NSE |
|---|
| ₹169.00 |
| ₹298.00 |
| ₹295.30 |
| ₹344.05 |
| ₹301.40 |
Gandhar Oil Refinery (India) Limited
18th floor, DLH Park,
S.V. Road
Goregaon (W), Mumbai 400 062
Phone: +91 22 4063 5600
Email: investor@gandharoil.com
Website: https://gandharoil.com/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: gandharoil.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Gandhar Oil Refinery India IPO is a main-board IPO of 29,626,732 equity shares of the face value of ₹2 aggregating up to ₹500.69 Crores. The issue is priced at ₹160 to ₹169 per share. The minimum order quantity is 88 Shares.
The IPO opens on November 22, 2023, and closes on November 24, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Gandhar Oil Refinery India IPO using UPI as a payment gateway. Zerodha customers can apply in Gandhar Oil Refinery India IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Gandhar Oil Refinery India IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Gandhar Oil Refinery India IPO opens on November 22, 2023 and closes on November 24, 2023.
Gandhar Oil Refinery India IPO lot size is 88 Shares, and the minimum amount required is ₹14,872.
You can apply in Gandhar Oil Refinery India IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Gandhar Oil Refinery India IPO will be done on Tuesday, November 28, 2023, and the allotted shares will be credited to your demat account by Wednesday, November 29, 2023. Check the Gandhar Oil Refinery India IPO allotment status.
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