Bookbuilding IPO | ₹501 Cr | Listed at BSE, NSE | Wed, Nov 22, 2023 - Fri, Nov 24, 2023
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 per share. The lot size for an application is 88. The minimum amount of investment required by an retail is ₹14,872 (88 shares) (based on upper price). 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 Open
Wed, Nov 22, 2023
IPO Close
Fri, Nov 24, 2023
Issue Price
₹169 per share
Market Cap (Pre-IPO)
₹1,654.00 Cr
| IPO Date | 22 to 24 Nov, 2023 |
| Listed on | Thu, Nov 30, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹160 to ₹169 |
| Issue Price | ₹169 per share |
| Lot Size | 88 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,96,26,732 shares (agg. up to ₹501 Cr) |
| Fresh Issue | 1,78,69,822 shares (agg. up to ₹302 Cr) |
| Offer for Sale | 1,17,56,910 shares of ₹2 (agg. up to ₹199 Cr) |
| Share Holding Post Issue | 9,78,69,822 shares |
| BSE Script Code / NSE Symbol | 544029 / GANDHAR |
| ISIN | INE717W01049 |
Gandhar Oil Refinery 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 (Ex- Anchor), 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 | Max 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%) |
Investors can bid for a minimum of 88 shares and in multiples thereof.
| 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 |
Gandhar Oil Refinery IPO raises ₹150.21 crore from anchor investors. Gandhar Oil Refinery IPO Anchor bid date is November 21, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Nov 21, 2023 |
| Shares Offered | 88,88,018 |
| Anchor Portion (₹ Cr.) | 150.21 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Dec 28, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Feb 26, 2024 |
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.
| 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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investment into Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda | 22.71 |
| 2 | Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at our Silvassa Plant | 27.73 |
| 3 | Funding working capital requirements of our Company | 185.01 |
| 4 | General corporate purposes | 27.65 |
| KPI | |
|---|---|
| ROE | 32.28% |
| ROCE | 41.19% |
| Debt/Equity | 0.22 |
| RoNW | 32.28% |
| PAT Margin | 5.20% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 23.77 | |
| P/E (x) | 6.16 | |
| Promoter Holding | 87.50% | 64.63% |
| Market Cap | ₹1,654.00 Cr. |
The Gandhar Oil Refinery India IPO is subscribed 65.63 times on November 24, 2023 7:02:00 PM (Day 3). 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) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 129.06 | 59,25,346 | 76,47,13,136 |
| NII | 64.34 | 44,44,010 | 28,59,33,824 |
| bNII (bids above ₹10L) | 61.93 | 29,62,673 | 18,34,63,808 |
| sNII (bids below ₹10L) | 69.17 | 14,81,337 | 10,24,70,016 |
| Retail | 29.93 | 1,03,69,356 | 31,03,64,824 |
| Total | 65.63 | 2,07,38,712 | 1,36,10,11,784 |
Total Application : 28,26,431
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs’ fees and commissions (including underwriting commission, brokerage and selling commission) | 16.25 |
| 2 | Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by RIBs | 8.72 |
| 3 | Brokerage and selling commission and bidding/uploading charges for members of the Syndicate (including their sub-Syndicate Members), Registered Brokers, RTAs and CDPs | 0.74 |
| 4 | Fees payable to the Registrar to the Offer | 1.33 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 2.46 |
| 6 | Printing and stationery expenses | 1.23 |
| 7 | Advertising and marketing expenses | 2.31 |
| 8 | Fees payable to legal counsels | 4.29 |
| 9 | Miscellaneous | 1.57 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹169.00 | ₹169.00 |
| Open | ₹295.40 | ₹298.00 |
| Low | ₹295.00 | ₹295.30 |
| High | ₹344.60 | ₹344.05 |
| Last Trade | ₹301.50 | ₹301.40 |
Lead Manager Reports
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 ₹501 Crores. The issue is priced at ₹169 per share. The minimum order quantity is 88.
The IPO opens on Wed, Nov 22, 2023, and closes on Fri, Nov 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 Wed, Nov 22, 2023 and closes on Fri, Nov 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 Wed, Nov 29, 2023. Check the Gandhar Oil Refinery IPO allotment status.
The Gandhar Oil Refinery IPO listing date is on Thu, Nov 30, 2023.
