Gandhar Oil Refinery IPO Witnesses Strong Demand, Subscribed 17.81 Times on Final Bidding Day

24 Nov 2023 , 11:55 AM

As of the morning of November 24, the final day of bidding, the Gandhar Oil Refinery IPO has garnered a subscription rate of 20.06 times. The total bids received amount to 42.61 crore shares against the offered 2.12 crore shares. Click here to subscribe the IPO.

Non-institutional investors (NIIs) have shown strong interest, subscribing 37.66 times their allotted quota of shares. Retail investors have subscribed 21.42 times, and qualified institutional buyers (QIBs) have subscribed 3.96 times.

The IPO includes a fresh issue of 1.78 crore shares, raising Rs 302 crore, and an offer-for-sale of 1.17 crore shares, aiming to generate Rs 198.69 crore. The company, a white-oil manufacturer, seeks to raise a total of Rs 500.69 crore through the public offer.

The price band for the IPO has been set at Rs 160-169 per share, with a lot size of 88 shares. This implies a minimum investment requirement of Rs 14,872 for retail investors.