Gandhar Oil Refinery Raises Rs 150 Crore From Anchor Investors Ahead Of IPO; Who Are The Bidders?

Gandhar Oil Refinery IPO: Ahead of the initial public offering (IPO), Gandhar Oil Refinery (India) raised Rs 150 crore from a total of 16 anchor investors at the upper price band of Rs 169 per equity share. The company will launch its IPO from November 22nd to 24th.

As per the BSE filing, Gandhar Oil has allotted 88, 88, 018 Equity Shares to 16 anchor investors and raised Rs 150 crore ahead of the company's proposed IPO at the upper price band of Rs 169 per equity share (including a premium of Rs 167 per equity shares) with a face value of Rs 2 per share.

Out of the total allocation of 88, 88, 018 Equity shares to the Anchor Investors, 42,28,576 Equity shares (i.e. 47.58% of the total allocation to the Anchor Investors) were allocated to 3 domestic mutual funds that applied through a total 7 schemes.

Some of these anchor investors were ICICI Prudential ELSS Tax Saver Fund, HDFC Mutual Fund, Whiteoak Capital Funds, Aditya Birla Sun Life Insurance Company, Ananta Capital Ventures, SBI General Insurance, Morgan Stanley Asia (Singapore), Societe General, and Copthall Mauritius Investment.

Companies like Nuvama Wealth Management (formerly known as Edelweiss Securities) and ICICI Securities are the book-running lead managers of the IPO.

Gandhar Oil is planning to raise to Rs 500.69 crore from its initial public offer. The company fixed price bands in the range of Rs 160 to Rs 169 per share. The IPO comprised of Rs 302 million fresh issue and an offer for sale of up to 11,756,910 equity shares amounting to Rs 198.69 crore.

The Company intends to use the proceeds of the Fresh Issue for (i) investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda; (ii) capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at the Company's Silvassa Plant; (iii) funding the Company's working capital requirement; (iv) and general corporate purposes.

Post the IPO, Gandhar Oil will list on both BSE and NSE.