Gandhar Oil Refinery India clocked the sixth biggest gains among the IPOs launched in the current calendar year on the listing day, November 30. The stock surged more than 78 percent much higher than expected by analysts.
The robust subscription numbers, healthy financial performance with a strong market share in the white oils manufacturing space, and positive mood in the equity markets are some of the key reasons for robust listing gains.
The stock started off the day at Rs 298, up 76.3 percent over the issue price of Rs 169 per share. Analysts had expected it to debut at around Rs 240-250 per share.
It hit an intraday high of Rs 344.05 in the initial trade and saw some profit booking, but overall, managed to stay above the opening price throughout the session.
Also read: Record Debut: Tata Technologies sees third best listing day gains among IPOs launched so far
The stock finally settled with 78.34 percent gains at Rs 301.40 on the NSE, with a volume of 3.8 crore equity shares, and closed 78.4 percent higher at Rs 301.50 on the BSE with a volume of 29.06 lakh equity shares.
This was the sixth biggest gainer among the companies listed (after IPOs) so far in 2023. Tata Technologies, which is listed along with Gandhar Oil today, topped the list with 162.60 percent gains.
It was followed by Ideaforge Technology (92.78 percent gains), Utkarsh Small Finance Bank (91.76 percent), Indian Renewable Energy Development Agency (87.47 percent) and Netweb Technologies India (82.10 percent).
Also read: Tata Tech, Gandhar Oil settle above IPO price, Fedbank disappoints; what should investors do now?
Gandhar Oil Refinery launched its public issue on November 22-24 and mobilised Rs 500.69 crore comprising a fresh issuance of shares worth Rs 302 crore and an offer-for-sale of Rs 198.69 crore by promoters and investors.
The price band for the offer was Rs 160-169 per share.
Gandhar Oil, which caters to the consumer and healthcare end industries, offers more than 440 products under its three categories namely personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO), under the brand Divyol.
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