Gandhar Oil Refinery (India) Makes Stellar Market Debut, Lists at 76% Premium on NSE

30 Nov 2023 , 09:54 AM

Gandhar Oil Refinery (India), a white oil manufacturer, had an exceptional debut on Dalal Street as its shares were listed at Rs 298 on the NSE, reflecting a premium of 76.33% over the issue price of Rs 169 per share. On the BSE, the shares were listed at Rs 295.40, marking a premium of 74.79%.

The IPO, which closed on November 24, witnessed overwhelming demand, with a subscription of 64.07 times. Bids were received for 136.1 crore shares against the 2.12 crore shares available. Qualified institutional buyers subscribed 129 times their allotted quota, retail investors subscribed 28.95 times, and high net-worth individuals subscribed 62.2 times.

The IPO consisted of a fresh issue of Rs 302 crore shares by the company and an offer-for-sale of Rs 198.69 crore by promoters and investors. The price band for the offer was set at Rs 160-169.

Gandhar Oil Refinery (India) plans to utilize the IPO proceeds to address working capital requirements, repay debt taken by Texol, and expand capacity at the Silvassa and Taloja plants. The successful market debut reflects strong investor confidence in the company’s prospects.