Gandhar Oil Refinery IPO subscribed 64.07 times on final day

Gandhar Oil Refinery IPO: Gandhar Oil Refinery's share sale has received bids for 1,36,10,11,784 shares against 2,12,43,940 shares on offer on the final day of subscription. Overall, the public issue has been subscribed 64.07 times in the bidding process on Day 3.

Gandhar Oil Refinery subscription status

Gandhar Oil Refinery IPO opened for subscription on November 22, with a price band of Rs 160-169 per share. The Rs 500.69-crore IPO was concluded today, November 24. The IPO comprises a fresh issue of equity shares worth Rs 302 crore and an Offer for Sale (OFS) of 1.17 crore by promoters and existing shareholders.

Gandhar Oil Refinery IPO: Should you apply or not? Here's what market wizard Anil Singhvi recommends

Zee Business Managing Editor Anil Singhvi suggested to apply for good listing gains and for the long term in the IPO. He has pointed out the following key points about Gandhar Oil Refinery:

Positives:

• Market leader with strong promoter background
• Stable financial track record
• Attractive valuations

Negatives:

• Negative operating cash flow in Q1FY24
• Working capital cycle increasing continuously

Here are some important things to know about Gandhar Oil Refinery IPO

Gandhar Oil Refinery IPO allotment date

The basis of the allotment of shares is set to be finalised on November 28. Here' are other details:

Gandhar Oil Refinery IPO listing date

Gandhar Oil Refinery IPO shares are to be listed on BSE and NSE, likely on November 30.

Gandhar Oil Refinery IPO: Lot Size

Investors can bid for a minimum of 88 equity shares, and in multiples of 88 thereafter.

Gandhar Oil Refinery IPO: Fund utilisation

Proceeds from the fresh issue component will be used for the payment of debt and the purchase of equipment for civil work required for the expansion of the capacity of automotive oil at the Silvassa plant.

Gandhar Oil Refinery IPO: Book-running lead managers

Nuvama Wealth Management and ICICI Securities are the book-running lead managers for the IPO.

Gandhar Oil Refinery IPO: Registrar

Link Intime India is the registrar for the issue.

What does Gandhar Oil Refinery do?

Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare industries.

(With PTI inputs)

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