Shares of Gandhar Oil Refinery (India) Ltd made a robust debut at Dalal Street on Thursday as the lubricant maker was listed at Rs 298, a premium of 76 per cent, over its issue price Rs 169 on the National Stock Exchange (NSE)Simla Investment. The white oil maker was listed at a premium of 75 per cent at Rs 295.40 against the same issue price on BSE.Jaipur Stock
Last heard, shares of Gandhar Oil Refinery were commanding a premium of Rs 73 per share in the grey market, suggesting a listing pop of 43-45 per cent for the investors. The premium in the unofficial market has remained firm since the closure of issue, holding more than Rs 70 per share.
Gandhar Oil Refinery (India) sold its primary offering in the fixed price range of Rs 160-169 apiece with a lot size of 88 equity shares. The issue was open for bidding between November 22 and November 24 to raise about Rs 501 crore, which included a fresh share sale of Rs 302 crore and an offer-for-sale (OFS) of up to 1,78,69,822 equity shares.
The issue was overall subscribed a strong 64.07 times during the bidding processKolkata Investment. The portion for qualified institutional bidders was subscribed a whopping 129 times, while the portion reserved for non-institutional investors saw 62.33 times bidding. The allocation reserved for retail investors booked 28.95 times during the three-day bidding process.Bangalore Wealth Management
Gandhar Oil is a manufacturer of white oils that caters to the consumer and healthcare end-industries. The company offers an extensive range of over 350 products that primarily fall under three categories – personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO) – under the brand name ‘Divyol’.Hyderabad Investment
ICICI Securities and Nuvama Wealth Management are the book running lead managers of the Gandhar Oil Refinery IPO, while Link Intime India is the registrar for the issue.
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Pune Investment
