Gandhar Oil IPO opens today: GMP, price, key dates and other details in 10 points | Mint
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Business News/ Markets / Ipo/  Gandhar Oil IPO opens today: GMP, price, key dates and other details in 10 points
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Gandhar Oil IPO opens today: GMP, price, key dates and other details in 10 points

Gandhar Oil IPO GMP today: Shares of the white oil maker company are available at a premium of ₹76 on grey market today, according to investorgain.com

Gandhar Oil IPO price: The white oil maker company has fixed price band of the public issue at ₹160 to ₹169 per equity share. (Photo: Courtesy company website )Premium
Gandhar Oil IPO price: The white oil maker company has fixed price band of the public issue at 160 to 169 per equity share. (Photo: Courtesy company website )

Gandhar Oil Refinery IPO: The initial public offering (IPO) of Gandhar Oil Refinery Ltd has hit primary market today and it will remain open for bidding till 24th November, 2023. The white oil manufacturer has fixed Gandhar Oil IPO price at 160 to 169 per equity share. The oil maker aims to raise 500.69 crore from its initial public offer and it is proposed for listing on both BSE and NSE.

Meanwhile, the grey market is signaling bullish trend for Gandhar Oil IPO. According to investorgain.com, shares of Gandhar Oil Refinery Ltd are available at a premium of 76 in the grey market today.

Also Read: Gandhar Oil IPO opens on November 22, price band set at 160-169 per share

Important Gandhar Oil IPO details

1] GMP: Shares of the oil maker are available at a premium of 76 in the grey market today.

2] IPO date: The public issue has opened today for bidding and it will remain open till Friday this week.

3] IPO price: The white oil maker has fixed price band of the public issue at 160 to 169 per equity share.

4] Size: The company aims to raise 500.69 crore from its initial offer, out of which, 300 crore is aimed via issuance of fresh shares.

5] Lot size: A bidder will be able to apply in lots and one lot of the issue comprises 88 company shares.

6] Investment limit: A retail investor would require at least 14,872 ( 169 x 88) to apply for this public issue.

7] Allotment date: As per T+3 schedule, the probable Gandhar Oil IPO allotment date is 27th November, 2023.

8] Registrar: Link Intime India Private Ltd has been appointed as official registrar of the public issue.

9] Listing date: The public issue is proposed for listing on BSE and NSE and the likely date for share listing is 29th November, 2023.

Also Read: Gandhar Oil IPO: Anchor investors pick 150 crore worth shares ahead of its IPO

10] Should you apply or not?

Advising investors to apply for the IPO, Prathamesh Masdekar, Research Analyst at StoxBox, said, "The company has a comprehensive customer and supplier base, with a higher percentage of customers placing repeat orders due to its large product portfolio and customization. The company has posted strong financial performance in the past and is likely to sustain going forward due to its focus on expanding its product portfolio and growing overseas business. With the issue fairly valued at a P/E of 7.1x on the upper price band based on FY23 earnings, we recommend investors to subscribe to the issue from a medium to long term perspective."

Also Read: Gandhar Oil Refinery (India) gets green signal from Sebi to launch its proposed IPO; key highlights here

Arun Kejriwal, Founder at Kejriwal Research and Investment Services, said, "The company is the largest producer of white oils in the country and reported revenues of over 4,000 cr for the year ended March 23. The company supplies its products to companies in the personal care, healthcare industry and performance oils. It has its plants in Maharashtra, and Sharjah in UAE. The company reported an EPS of 23.77 for the year ended March 23. Based on this EPS, the PE for the issue is 6.73-7.11. The PE is indeed attractive and offers scope for appreciation in the short to medium term. The company would grow in the segments where it is a significant player and better utilising its Sharjah capacity which is a new plant and yet to reach full utilisation. Further the objects of the issue include capacity expansion which would lay the roadmap for further growth as the Maharashtra plant capacity is close to being fully utilised at 95%."

Also Read: Tata Technologies IPO vs IREDA IPO vs Gandhar Oil Refinery IPO: Which upcoming IPO is better?

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 22 Nov 2023, 07:13 AM IST
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