Gandhar Oil Refinery IPO To Hit Dalal Street Next Week; Check Price Band And Other Details Here

The three-day initial public offering (IPO) of Gandhar Oil Refinery will open for subscription on November 22. The last day to place bids for the issue is Friday, November 24. The price band of Gandhar Oil Refinery IPO has been fixed in the range of Rs 160-169 per share, with a lot size of 88 equity shares. The bidding for the issue will close on November 24. The anchor book will be opened one day prior to the launch of the IPO of Gandhar Oil Refinery on November 21.

Gandhar Oil is looking to raise 302 crore through fresh share sales, while its promoters and other selling shareholders will offload up to 1.17 crore equity shares through the offer-for-sale (OFS) route. At the upper end of the price band, the company will raise a total of Rs 500.69 crore via the Gandhar Oil Refinery IPO.

Gandhar Oil is a Maharashtra-based company that manufactures white oils that cater to the consumer and healthcare end industries.

Gandhar Oil Refinery IPO Reservation:

50% of the IPO has been reserved for qualified institutional bidders (QIBs), while 15% of shares have been reserved for non-institutional investors (NIIs). Retail investors will get the remaining 35% of shares allocated towards them.
The company intends to utilize the proceeds from the fresh issue for debt repayment of 22.71 crores of its subsidiary Texol; Rs 185 crore will be utilized for working capital requirements; capital expenditure; and general corporate purposes.

About Gandhar Oil Refinery:

Gandhar Oil manufactures several products mainly the personal care, healthcare, and performance oils, lubricants, and process and insulating oils divisions under the Divyol brand. The company enjoys long-term relationships with dominant market players including Procter & Gamble, Unilever, Dabur, Patanjali Ayurved, Bajaj Consumer Care, etc.

Gandhar Oil IPO Important Dates:

The tentative date for finalization of Gandhar Oil IPO basis of allotment of shares is November 30 and the company is expected to commence refunds on December 1, while the shares will be credited to the demat account of allottees on Monday, December 4. Gandhar Oil IPO shares are expected to get listed on Indian bourses- BSE and NSE on December 5. However, the dates will change, if the company decides to adopt the T+3 norm.