Gandhar Oil Refinery Raises Rs 150 Crore From Anchor Investors Ahead Of IPO

The state-run company has allotted 88.88 lakh equity shares at Rs 169 apiece to 16 anchor investors.

<div class="paragraphs"><p>(Source: Gandhar Oil Refinery Website)&nbsp;</p></div>
(Source: Gandhar Oil Refinery Website) 

Gandhar Oil Refinery Ltd. has raised Rs 150.2 crore from anchor investors ahead of its initial public offering.

The state-run company has allotted 88.88 lakh equity shares at Rs 169 apiece to 16 anchor investors.

The major investors include ICICI Prudential ELSS Tax Saver Fund, HDFC Mutual Fund, Whiteoak Capital Flexi Cap Fund, Morgan Stanley Asia (Singapore) Pte, Societe Generale, and Aditya Birla Sun Life Insurance Co., among others.

Both ICICI Prudential ELSS Tax Saver Fund and HDFC Mutual Fund secured 17.8% each of the total allocation, the highest in the list.

Three domestic mutual funds have applied through a total of seven schemes, the company said in an exchange filing. They have collectively netted 47.58% of the anchor portion of Rs 71.4 crore.

Nuvama Wealth Management Ltd. and ICICI Securities Ltd. are the book-running lead managers for the offer.

About Gandhar Oil Refinery IPO

Gandhar Oil Refinery will raise Rs 500.69 crore via a fresh issue and an offer for sale.

The IPO will comprise fresh issue worth Rs 302 crore. The company also has an offer for sale of 1.18 crore shares, worth up to Rs 198.69 crore, by the promoter selling shareholder.

The price band is fixed between Rs 160 and Rs 169 per share. At the upper price band, the company is valued at Rs 1,654 crore in market capitalisation.

Gandhar Oil Refinery is a producer of white oils by revenue, with a growing focus on the consumer and healthcare end industries.

As of June 30, their product suite comprised 440 products, primarily across the personal care, healthcare and performance oils, lubricants, and process and insulating oil divisions under the “Divyol” brand.

Gandhar Oil Refinery IPO: All You Need To Know