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Gandhar Oil Refinery IPO is a book build issue of ₹500.69 crores. The issue is a combination of fresh issue of 1.79 crore shares aggregating to ₹302.00 crores and offer for sale of 1.18 crore shares aggregating to ₹198.69 crores.
Gandhar Oil Refinery IPO bidding started from Nov 22, 2023 and ended on Nov 24, 2023. The allotment for Gandhar Oil Refinery IPO was finalized on Nov 28, 2023. The shares got listed on BSE, NSE on Nov 30, 2023.
Gandhar Oil Refinery IPO price band is set at ₹169.00 per share . The lot size for an application is 88. The minimum amount of investment required by an retail is ₹14,080 (88 shares). The lot size investment for sNII is 14 lots (1,232 shares), amounting to ₹2,08,208, and for bNII, it is 68 lots (5,984 shares), amounting to ₹10,11,296.
ICICI Securities Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Gandhar Oil Refinery IPO RHP for detailed Information.
| IPO Date | November 22, 2023 to November 24, 2023 |
| Listing Date | November 30, 2023 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹160 to ₹169 per share |
| Issue Price Final | ₹169 per share |
| Lot Size | 88 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,96,26,732 shares (aggregating up to ₹500.69 Cr) |
| Fresh Issue | 1,78,69,822 shares (aggregating up to ₹302.00 Cr) |
| Offer for Sale | 1,17,56,910 shares of ₹2 (aggregating up to ₹198.69 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Post Issue | 9,78,69,822 shares |
Gandhar Oil Refinery India IPO offers total 2,96,26,732 shares. Out of which 1,48,13,365 (50.00%) allocated to QIB, 59,25,347 (20.00%) allocated to QIB, 44,44,010 (15.00%) allocated to NII, 1,03,69,357 (35.00%) allocated to RII and 88,88,018 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 1,48,13,365 (50.00%) | NA |
| − Anchor Investor Shares Offered | 88,88,018 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 59,25,347 (20.00%) | NA |
| NII (HNI) Shares Offered | 44,44,010 (15.00%) | NA |
| − bNII > ₹10L | 29,62,673 (10.00%) | 2,404 |
| − sNII < ₹10L | 14,81,337 (5.00%) | 1,202 |
| Retail Shares Offered | 1,03,69,357 (35.00%) | 1,17,833 |
| Total Shares Offered | 2,96,26,732 (100.00%) |
Gandhar Oil Refinery IPO raises ₹150.21 crore from anchor investors. Gandhar Oil Refinery IPO Anchor bid date is November 21, 2023. Gandhar Oil Refinery IPO Anchor Investors list
| Bid Date | November 21, 2023 |
| Shares Offered | 88,88,018 |
| 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 IPO opens on November 22, 2023, and closes on November 24, 2023.
| IPO Open Date | Wed, Nov 22, 2023 |
| IPO Close Date | Fri, Nov 24, 2023 |
| Tentative Allotment | Tue, Nov 28, 2023 |
| Initiation of Refunds | Wed, Nov 29, 2023 |
| Credit of Shares to Demat | Wed, Nov 29, 2023 |
| Tentative Listing Date | Thu, Nov 30, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Nov 24, 2023 |
Investors can bid for a minimum of 88 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 88 | ₹14,872 |
| Retail (Max) | 13 | 1,144 | ₹1,93,336 |
| S-HNI (Min) | 14 | 1,232 | ₹2,08,208 |
| S-HNI (Max) | 67 | 5,896 | ₹9,96,424 |
| B-HNI (Min) | 68 | 5,984 | ₹10,11,296 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 |
| Total Income | 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 IPO is ₹1654.00 Cr.
| KPI | Values |
|---|---|
| ROE | 32.28% |
| ROCE | 41.19% |
| Debt/Equity | 0.22 |
| RoNW | 32.28% |
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...
| Listing Date | November 30, 2023 |
| BSE Script Code | 544029 |
| NSE Symbol | GANDHAR |
| ISIN | INE717W01049 |
| Final Issue Price | ₹169 per share |
| BSE Listing Group | B |
Gandhar Oil Refinery (India) Ltd.
18th floor, DLH Park,
S.V. Road
Goregaon (W),
Mumbai, Maharashtra, 400062
Phone: +91 22 4063 5600
Email: investor@gandharoil.com
Website: https://gandharoil.com/
MUFG Intime India Pvt.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 IPO is a main-board IPO of 2,96,26,732 equity shares of the face value of ₹2 aggregating up to ₹500.69 Crores. The issue is priced at ₹169 per share. The minimum order quantity is 88.
The IPO opens on November 22, 2023, and closes on November 24, 2023.
MUFG Intime India Pvt.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 IPO using UPI as a payment gateway. Zerodha customers can apply in Gandhar Oil Refinery IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Gandhar Oil Refinery IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Gandhar Oil Refinery IPO opens on November 22, 2023 and closes on November 24, 2023.
Gandhar Oil Refinery IPO lot size is 88, and the minimum amount required for application is ₹14,872.
You can apply in Gandhar Oil Refinery IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Gandhar Oil Refinery 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 IPO allotment status.
The Gandhar Oil Refinery IPO listing date is on Thursday, November 30, 2023.
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