Gandhar Oil IPO Price: The price range for Gandhar Oil IPO has been fixed in the range of ₹160 tonnes ₹169 per share with a par value of ₹2. The subscription date for Gandhar Oil’s IPO is scheduled for Wednesday, November 22nd and closes on Friday, November 24th. Allotment to anchor investors for Gandhar Oil Refinery’s IPO is scheduled for Tuesday, November 21.
The minimum price is 80 times the par value of the shares and the maximum price is 84.50 times the par value of the shares. The price-to-earnings ratio based on adjusted consolidated financial information on diluted EPS for fiscal year 2023 is 7.11 times at the cap price and 6.73 times at the floor price. The lot size of Gandhar Oil IPO is 88 shares and thereafter in multiples of 88 shares.
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Tentatively, the allotment base for Gandhar Oil’s IPO will be finalized on Thursday, November 30 and the company will initiate refund on Friday, December 1, while the shares will be dematted on Monday, December 4. The allottee’s account will be credited. Gandhar Oil IPO shares are expected to list on the BSE and NSE on Tuesday, December 5. If the company decides to switch to the T+3 standard, the dates will be brought forward.
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The Gandhar Oil IPO has reserved not more than 50% of the public issue shares for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII) and not less than 35% of the offer is for Qualified Institutional Buyer reserves private investors.
Gandhar Oil IPO details
Gandhar Oil Refinery India Ltd IPO comprises fresh issue of shares worth up to ₹302 crore and an Offer for Sale (OFS) of up to 11,756,910 equity shares of face value ₹2 each from a promoter and others, loudly
According to Red Herring Prospectus (RHP), promoters Ramesh Babulal Parekh, Kailash Parekh and Gulab Parekh would sell 2,250,000 shares each. Other selling shareholders include Green Desert Real Estate Brokers, which will sell 3,000,000 shares, and Denver Bldg Mat & Décor TR LLC would offer 1,000,000 shares.
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The registrar for Gandhar Oil Refinery India’s IPO is Link Intime India Private Ltd while the underwriters are Edelweiss Financial Services Ltd and ICICI Securities Limited.
According to RHP, the company will use the net proceeds from the new issue to fund the following objectives: Invest in Texol through a loan to fund the repayment or early repayment of a loan facility received by Texol from Bank of Baroda; capital expenditures incurred through the purchase of equipment and completion of construction work necessary to expand automotive oil capacity at our Silvassa facility; Financing the company’s working capital needs; and general corporate purposes.
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