Gandhar Oil IPO gets fully subscribed within hours of opening

Gandhar Oil Refinery IPO: The initial public offering (IPO) of Gandhar Oil Refinery Ltd that has hit primary market today was fully subscribed by the afternoon.  The IPO had been Subscribed  2.44 times by 1.00 PM as per the BSE. While Non Institutional Investors had bid for 2.9 times the Number of shares offered or reserved, Retail investors had bid more than 3 times. 

 Gandhar Oil Refinery will remain open for bidding till 24th November, 2023. The white oil manufacturer has fixed Gandhar Oil IPO price at ₹160 to Rs169 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.

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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.

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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

10- Subscription status: On the first day 1.00 PM the Gandhar oil IPO had been subscribed 2.4 times as per the BSE.