Gandhar Oil Refinery (India) is set to finalise the basis of allotment of its equity shares by Tuesday, November 28 or may be Monday, November 27. Bidders, who will receive the allotment of equity shares will begin getting alerts, mails and messages for amount debit and others, who will not get the allotment will recieve or revocation of the mandate by Wednesday, November 29.
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Gandhar Oil Refinery (India) sold its IPO in the range of Rs 160-169 apiece with a lot size of 88 shares, which was open for bidding between November 22 and November 24. The white oil manufacturer raised a total of Rs 500.93 crore via primary route, which included a fresh share sale of Rs 302 crore and an offer-for-sale (OFS) of up to 1,78,69,822 equity shares.
The issue was overall subscribed a strong 64.07 times during the bidding process. The portion for qualified institutional bidders was subscribed a whopping 129 times, while the portion reserved for non-institutional investors saw 62.33 times bidding. The allocation reserved for retail investors booked 28.95 times during the three-day bidding process.
Grey market premium (GMP) of Gandhar Oil Refinery has jumped after a strong buying interest from investors across the board. Last heard, Gandhar Oil was commanding a premium of Rs 75-77 apiece in the unofficial market, suggesting a listing pop of about 45 per cent for the investors. However, it was around Rs 60 per share, when the price band for the issue was announced.
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ICICI Securities and Nuvama Wealth Management are the book running lead managers of the Gandhar Oil Refinery IPO, while Link Intime India is the registrar for the issue. Shares of Gandhar Oil will be listed on both BSE and NSE on Friday, November 30 following the T+3 listing rule of SEBI.
Gandhar Oil is a manufacturer of white oils that caters to the consumer and healthcare end-industries. The company offers an extensive range of over 350 products that primarily fall under three categories – personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO) – under the brand name ‘Divyol’.
Majority of the brokerage firms tracking the issue were mostly positive on the issue and are suggesting to subscribe to it. They saw strong growth potential, deep penetration, reasonable valuations, healthy relationships with big clients and leadership in the market as the biggest positive for the company.
Investors, who bid for the issue of Gandhar Oil Refinery, can check the allotment status on the BSE website’s IPO application check page. Check-in equity, under the issue type and select Gandhar Oil Refinery (India) Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at ‘I am not a Robot’ before hitting the submit button.
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Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Gandhar Oil Refinery India in the dropbox. Enter the either PAN Card number, Application Number or DP Client ID as selected tab and hit ‘search’ to get the allotment status for your application.
