Gandhar Oil IPO Allotment Shares, GMP Today; How To Check Status Online?

Following Gandhar Oil Refinery (India) Limited's recent initial public offering (IPO), investors are closely watching the movements as the company gears up to finalize the basis of share allotment in collaboration with the National Stock Exchange (NSE) on November 28.

The Rs 500 crore IPO, which took place from November 22 to November 24, saw an overwhelming response from the investing community. The subscription rate reached 64.07 times, with qualified institutional buyers leading the charge by oversubscribing their allotted quota by 129 times. Retail investors were seen bidding 28.95 times, while high-net-worth individuals showed substantial interest with a 62.2 times oversubscription of their allocated portion.

In the grey market, a platform for unofficial trading until the IPO listing, Gandhar Oil IPO shares are currently trading at a 44% premium over the upper price band, as analysts have noted. This robust demand in the grey market hints at a positive market debut for the company.

The IPO consisted of a fresh issue of Rs 302 crore shares by the company and an offer-for-sale of Rs 198.7 crore by promoters and investors. Priced in the range of Rs 160-169 per share, the IPO drew attention due to its plans to utilize the proceeds for working capital requirements, debt repayment for Texol, and capacity expansion at their Silvassa and Taloja plants.

Investors can track their share allotment status on the IPO registrar's portal (Link Intime India) and the BSE website by following some steps. The shares are expected to be credited to demat accounts by November 29, with trading likely to commence on November 30, though these dates are subject to change.

Gandhar Oil Refinery boasts a diverse product portfolio of over 440 items in the consumer and healthcare end industries. Under the Divyol brand, the company manufactures products across personal care, healthcare, performance oils (PHPO), lubricants, and process and insulating oils (PIO) divisions.

The products serve as crucial ingredients for various sectors including consumer goods, healthcare, automotive, industrial, power, and tire and rubber. The company's expansion plans and the positive reception in both the IPO and grey market highlight the confidence investors have in Gandhar Oil Refinery's future prospects.