The IPO of Gandhar Oil Refinery has opened for investment from today. The company will sell its stake in this IPO through fresh issue and offer for sale. A target has been set to raise Rs 500.69 crore from the IPO.
The company aims to raise Rs 302 crore through fresh issue and Rs 198.69 crore through OFS. The company will sell 1.18 crore shares in OFS. The company has fixed the share price band at Rs 160-169/share.
Gandhar Oil Refinery has also raised about Rs 150 crore from anchor investors before the IPO.
Whose share is how much?
In the IPO, 50% quota is reserved for QIB investors, 15% quota for Non-Institutional Investors (NIIs) and the remaining 35% quota is reserved for retail investors.
Issue information
- From when to when: 22 to 24 November
- Issue size: Rs 500.69 crore
- Fresh issue: Rs 302 crore
- Offer for sale: Rs 198.69 crore
- Face value: Rs 2/share
- Price Band: Rs 160-169/share
- Listing: BSE, NSE
Shareholding pattern
Company promoters Ramesh Babulal Parekh, Kailash Parekh and Gulab Parekh will sell their 22.5 lakh shares through OFS. Along with this, Green Desert Real Estate Brokers, Denver Building Mat & Decor TR LLC and Fleet Line Shipping Services LLC will sell their entire stake.
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.
