
The initial public offering (IPO) of Gandhar Oil Refinery India will open for bidding on Wednesday, November 22. The company will be selling its shares in the range of Rs 160-169 apiece, with a lot size of 88 equity shares. The bidding for the issue will conclude on Friday, November 24.
Gandhar Oil is a manufacturer of white oils that caters to the consumer and healthcare end-industries. It 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'. Gandhar Oil is looking to raise 302 crore via fresh share sale, while its promoters and other selling shareholders will offload up to 1,17,56,910 equity shares via offer-for-sale (OFS) route. At the upper end of the price band, the company will be raising a total of Rs 500.69 crore via IPO route. The net proceeds from the fresh issue shall be utilized towards funding investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda; capital expenditure; funding working capital requirements of the Company; and general corporate purposes. It has products that serve as crucial ingredients for various end products in sectors such as consumer goods, healthcare, automotive, industrial, power, tyre, and rubber, and are used by leading Indian and global companies. The company caters to more than 100 countries across the globe, having served more than 3500 clients. The company has reserved 50 per cent of the offer for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent shares reserved for them. Retail investors will get the remaining 35 per cent of shares allocated towards them. ICICI Securities and Nuvama Wealth Management are the book running lead managers of the Gandhar Oil Refinery India IPO, while Link Intime India is the registrar for the issue. Shares of the company will be listed on both BSE and NSE.Also read: Hot stocks on November 17: Tata Motors, Suzlon Energy, Titagarh Rail, Delhivery and more
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