There has been a bumper listing of shares of Gandhar Oil Refinery in the market. Its shares were listed on NSE at Rs 298/share with a premium of 76.3%.
According to the statement issued by BSE, the equity shares of Gandhar Oil Refinery will be included in the ‘B’ category security group in the exchange.
How was the subscription?
The IPO of Gandhar Oil Refinery was opened between 22 and 24 November. The price band of the issue was kept at Rs 160 to Rs 169. The IPO was fully subscribed within a few hours of opening on 22 November. Till the last day, the IPO was subscribed a total of 64.07 times.
A total of 136 crore equity shares were auctioned for the IPO of Rs 500.69 crore. Whereas there are only 2.07 crore shares in the offer for sale.
QII (Qualified Institutional Buyers) share was subscribed 129 times. Whereas the share of NIIs (Non Institutional Buyers) was subscribed 62.23 times. Subscription of the portion kept for retail investors was also 28.95 times.
Company Business
The company manufactures white oil for consumer and healthcare industries. According to the information released on June 30, the company has 440 products, which include personal care, healthcare, performance oils, lubricants and process and insulating oils under the ‘Divyol’ brand.
According to CRISIL report, the company is the largest manufacturer of white oil and is also the fastest growing company in the white oil segment. In CY22, the company is among the top 5 companies in the white oil segment globally.
According to information released on June 30, refinery products were sold in 100 countries and the company got more than 3,500 customers in FY23. These customers include P&G, Unilever Marico, Dabur, Bajaj, Patanjali Ayurved, Bajaj Consumer Care, Emami and others.
