Gandhar Oil IPO Day 3: Issue subscribed to 64.07 times on final day of subscription
Gandhar Oil Refinery IPO continued to receive a robust response from investors. The issue was subscribed to 52.56 times at 3:30 pm on the third day of bidding, November 24, 2023. It has received bids for 109 crore shares against 2.07 crore shares on offer.
Gandhar Oil Refinery IPO continued to receive a robust response from investors. The issue was subscribed to 64.07 times at 6:57 pm on the third day of bidding, November 24, 2023. It has received bids for 136 crore shares against 2.07 crore shares on offer.
The category for qualified institutional buyers (QIBs) was subscribed to the most, 129 times, followed by the portion reserved for non-institutional investors (NII), which saw bids at 62.23 times. Meanwhile, the retail investor's quota was subscribed to 28.95 times.
The issue was subscribed to 9.24 times at 12 noon on the second day of bidding, November 23, 2023. It had received bids for 19.16 crore shares against 2.07 crore shares on offer.
The category for non-institutional investors (NII) was subscribed to the most, 14.5 times, followed by the portion reserved for retail investors, which saw bids at 11.42 times. Meanwhile, the qualified institutional buyers (QIBs) quota was subscribed to 1.5 times.
GMP: The company's shares in the grey market are trading at a healthy premium of ₹76, indicating a 45 percent premium at listing.
However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.
Read here: Gandhar Oil Refinery India IPO: 10 key risk factors you should know
About the IPO
The ₹501 crore IPO of Gandhar Oil opened for subscription on November 22 and will close on November 24. The price band for the offer has been set at ₹160-169 per share. A bidder will be able to apply in lots and one lot of the IPO comprises 88 company shares. Minimum amount required for a retail investor to apply for the IPO is ₹14,872 ( ₹169 x 88).
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'.
The issue comprises of a fresh share sale worth ₹302 crore and an offer for sale (OFS) by existing promoters and shareholders for 1,17,56,910 equity shares aggregating up to ₹200 crore. Proceeds from the issue will be used for the payment of debt and for the purchase of equipment and civil work required for expansion in the capacity of automotive oil at the Silvassa plant.
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