Gandhar Oil Refinery, a leading producer of white oils, has submitted its draft Red Herring Prospectus (DRHP) to capital markets regulator Sebi to launch its initial public offering (IPO).
The Company’s IPO includes a new issue of up to Rs 357 crore and an Offer to Sell (OFS) of up to 12,036,380 shares by selling shareholders.
The offering includes up to 6.75 million shares from promoter selling shareholders and up to 5.27 million shares from existing investors.
The net proceeds from the re-issuance, valued at Rs 357 crore, will be used to fund the repayment/prepayment of a loan facility, purchase of equipment and civil works, capacity expansion of auto oil, petroleum jelly, white oils through the installation of blending tanks. Funding of working capital needs and general corporate purposes.
Gandhar Oil Refinery is India’s largest producer of white oils by FY22 revenue, including domestic and overseas sales, and is one of the top five players globally in terms of FY21 market share.
As of June 30, 2022, the Company’s product range under the “Divyol” brand includes over 350 products primarily in the areas of personal care, healthcare and performance oils (PHPO), lubricants and process and insulating oils (“PIO”). The products are used to manufacture end products in the consumer goods, healthcare, automotive, industrial, energy, and tire and rubber sectors.
Gandhar Oil Refinery’s products are sold in over 100 countries around the world, serving 3,529 customers in FY22, including leading Indian and global companies such as & Gamble (“P&G”), Unilever, , , Encube, Patanjali Ayurved, , and healthcare.
The Company operates three manufacturing facilities with a combined annual production capacity of 497,403 KL as of June 30, 2022 (expanded to 522,403 KL as of October 2022), with plants in Taloja, Maharashtra, Union Territory of Silvassa, Dadra and Nagar Haveli, Daman and Diu and Sharjah , United Arab Emirates.
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