Gandhar Oil Refinery IPO has garnered full subscription in first two hours

22 Nov 2023 , 11:55 AM

The subscription for the Gandhar Oil Refinery India IPO, which commenced today, is set to conclude on November 24. The company has already secured approximately Rs 150.2 crore in the anchor round preceding the IPO opening. Interested individuals can click here to subscribe to the IPO.

Within the initial two hours of opening, the IPO has garnered full subscription, reaching 1.46 times the offering. Notably, the retail portion has witnessed a robust subscription of 2.07 times, while the Non-Institutional Investor (NII) portion has secured a subscription of 1.94 times. However, the Qualified Institutional Buyer (QIB) portion is yet to be subscribed.

The funds generated from the IPO will be allocated towards debt repayment and acquiring equipment and undertaking civil work essential for expanding the capacity of automotive oil at the Silvassa plant. Furthermore, the capital raised will facilitate the expansion of the petroleum jelly and related cosmetic product division at the Taloja plant. It will also contribute to augmenting the capacity of white oils by installing blending tanks at the plant and meeting working capital requirements.

As of June 30, 2023, the ‘Divyol’ brand’s product suite comprised over 440 items, predominantly from the lubricants, process and insulating oils (PIO), as well as personal care, healthcare, and performance oils (PHPO) divisions.