Gandhar Oil share price lists at ₹298, premium of 76.3% to IPO price
Gandhar Oil share price debuted at ₹298 apiece, showcasing a remarkable premium of 76.33% over its issue price of ₹169. The ₹500.69 crore IPO was open for subscription between November 22 and November 24, at a price band in the range of ₹160–169 per share.
Gandhar Oil share price made a strong debut on the bourses today, November 30, 2023, as they got listed at ₹298 apiece on the National Stock Exchange (NSE), a premium of 76.33% to the issue price of ₹169. The shares further jumped to ₹344 levels in minutes after hitting the secondary market, indicating a stellar premium of 103% over the issue price.
The ₹500.69 crore IPO was open for subscription between November 22 and November 24, at a price band in the range of ₹160–169 per share. The IPO contains a fresh issue of ₹302 crore and the OFS of ₹198.69 crore.
The issue was overall subscribed to 64 times. The issue received a stellar response from retail investors whose portion was subscribed to 29 times and a solid response from non-institutional buyers whose portion was subscribed to 62.23 times, according to data on Trendlyne. The qualified institutional buyers' (QIBs) portion was subscribed to by a whopping 129 times.
If a retail investor were allotted shares of the company, the investment would now be valued at around ₹30,272 (344*88) as the minimum lot for the retail portion was set at 88 shares. Taking the initial investment of ₹14,872 (169*88) into account, the net profit would amount to ₹15,400, an impressive 103%.
Gandhar Oil Refinery India is a leading manufacturer of white oils by revenue in the financial year 2023, including domestic and overseas sales, and is one of the top five players globally in terms of market share in the calendar year 2022.
The company's products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power, tyre, and rubber sectors. As of June 30, 2023, the company's products were sold in over 100 countries across the globe.
It catered to over 3,500 customers in the financial year 2023, including leading Indian and global companies such as Procter & Gamble (“P&G"), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami, and Amrutanjan Healthcare.
In terms of financial performance, the company reported revenue of ₹2,069.58 crore in FY21, which jumped to ₹3,397.98 crore in FY22 and further to ₹4,101.79 crore in FY23. The net profit followed a similar trend, starting at ₹161.14 crore in FY21, improving to ₹184.30 crore in FY22, and then further to 213.18 crore in FY23.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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