Gandhar Oil Refinery IPO Subscribed 64.07 Times On Final Day

State-run Gandhar Oil Refinery Ltd. launched its initial public offering on Wednesday. It was subscribed 5.54 times on its first day and 15.27 times on the second day.

The company plans to raise Rs 500.69 crore via a fresh issue worth Rs 302 crore and an offer for the 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.

The company raised Rs 150.2 crore from anchor investors on Tuesday ahead of its initial public offering and allotted 88.88 lakh equity shares at Rs 169 apiece to 16 anchor investors.

Major anchor 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.

• Issue opens: Nov. 22.

• Issue closes: Nov. 24

• Total Offer Size: Rs 500.69 crore.

• Fresh issue size: Rs 302 crore.

• Offer for sale size: Rs 198.69 crore.

• Face value: Rs 2 apiece.

• Fixed price band: Rs 160–169 per share.

• Listing: NSE, BSE.

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 over 440 products, primarily across the personal care, healthcare and performance oils, lubricants, and process and insulating oils divisions under the “Divyol” brand.

The company's products are used as ingredients by Indian as well as global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power, and tyre and rubber sectors.

The IPO has been subscribed 64.07 times, as of 7:00 p.m. on Friday.

• Institutional investors: 129 times

• Non-institutional investors: 62.23 times

• Retail investors: 28.95 times