- Price Band fixed at ₹ 160 to ₹ 169 per Equity Share of face value of ₹ 2 each
- Bid/ Offer will close on Friday, November 24th, 2023
- Bids can be made for a minimum of 88 Equity Shares and in multiples of 88 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, NOV 22
The Gandhar Oil Refinery (India) Ltd has raised a little over Rs 150 crore from anchor investors a day before its initial share-sale offering.
The initial public offering of Gandhar Oil Refinery (India) Ltd, which opened for public subscription on Wednesday, received an overwhelming response on the first day of bidding. Till the end of bidding on Wednesday, the Rs 500-crore IPO got 5.52 times subscription, receiving bids for 11,72,85,168 shares as against 2,12,43,940 shares on offer.
The portion for non-institutional investors got subscribed 7.70 times while the category for Retail Individual Investors (RIIs) attracted 6.89 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 1.35 times subscription.
The IPO was oversubscribed within hours of IPO opening on Wednesday, November 22. The offer will remain available till November 24.
The category for non-institutional investors was subscribed 1.53 times, while the portion for retail individual investors (RIIs) received 1.77 times subscription. The quota for qualified institutional buyers (QIBs) received bids for just 5,016 shares.
Gandhar Oil Refinery (India) Ltd, has allotted 88,88,018 Equity Shares to 16 anchor investors and raised ₹150 crore ahead of company’s proposed IPO at the upper price band of ₹169 per equity share (including premium of ₹167 per equity shares) with face value of ₹2 per share. The anchor book saw participation from a wide variety of marquee investors, including ICICI Prudential, HDFC MF, White Oak Capital, Ashoka India Equity Investment Trust, Turnaround Opportunities Fund, Aditya Birla Sun Life Insurance, Ananta Capital Ventures, SBI General Insurance, LC Pharos, Morgan Stanley Asia (Singapore), Societe Generale and Copthall Mauritius Investment Limited.
Out of the total allocation of 88, 88, 018 Equity shares to the Anchor Investors, 42, 28,576 Equity shares (i.e. 47.58% of the total allocation to the Anchor Investors) were allocated to 3 (Three) domestic mutual funds that have applied through a total 7 (Seven) schemes.
The initial public offering comprises a Fresh Issue aggregating up to ₹3,020 million and an Offer for Sale of up to 11,756,910 Equity Shares by the Selling Shareholders comprising of up to 2,250,000 Equity Shares by Mr. Ramesh Babulal Parekh, up to 2,250,000 Equity Shares by Mr. Kailash Parekh, up to 2,250,000 Equity Shares by Ms. Gulab Parekh, up to 3,000,000 Equity Shares by Green Desert Real Estate Brokers, up to 1,000,000 Equity Shares by Denver Bldg Mat & Décor TR LLC, up to 1,000,000 Equity Shares by Fleet Line Shipping Services LLC, up to 1,970 equity shares by Mr. Sunith Menon, up to 1,970 equity shares by Mr. Vijendra Sumatilal Patani, up to 1,970 equity shares by Mr. Vinay Prabhakar Ulpe, and up to 1,000 equity shares by Mr. Mayur Bhupendralal Desai.
The Company intends to use the proceeds of the Fresh Issue for the investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda; for capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at the Company’s Silvassa Plant; for the funding the Company’s working capital requirement and for general corporate purposes.
Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and ICICI Securities Limited are the Book Running Lead Managers.
