Gandhar Oil Refinery files pre-IPO papers to raise funds

23 Dec 2022 , 02:36 PM

One of the leading manufacturers of white oils in India, Gandhar Oil Refinery, has filed DRHP with the market regulator SEBI to raise funds through IPO. The company’s IPO consists of fresh issue of equity shares worth Rs 357 crore and an offer for sale of up to 12,036,380 equity shares by selling shareholders.

The company aims to use the net proceeds from the fresh issue to pay debt, purchase of equipment and civil work, expansion in capacity of automotive oil, petroleum jelly, and white oils by installing blending tanks, funding working capital requirements and general corporate purposes.

The products of the company are sold in more than 100 countries under leading Indian and global companies P&G, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami, and Amrutanjan Healthcare.

Edelweiss Financial Services and ICICI Securities have been appointed as lead managers of the IPO.