Gandhar Oil Refinery IPO Day 2: Issue subscribed 15.25 times, retail portion booked 17.24 times

Gandhar Oil IPO price band has been set at Rs 160-169 per share

Gandhar Oil Refinery IPO has been subscribed 15.25 times so far on November 23, the second day of bidding, with bids coming in for 32.39 crore shares against 2.12 crore shares offered.

Non-institutional investors (NIIs) took the lead, booking 26.23 times their quota of shares. The portion set aside for retail investors was booked 17.24 times and that of qualified institutional buyers 3.14 times.

The company has reserved 50 percent of the net issue for QIBs, 15 percent for NIIs and the remaining 35 percent for retail investors.

Also Read: Gandhar Oil Refinery IPO: Investors mop up Rs 150 crore via anchor book

Gandhar Oil's IPO price band has been set at Rs 160-169 a share. The lot size is 88 shares, which means the minimum investment required by retail investors is Rs 14,872.

The white oil manufacturer plans to raise Rs 500.69 crore via the public offer, which is a fresh issue of 1.78 crore shares worth Rs 302 crore and an offer-for-sale of 1.17 crore shares worth Rs 198.69 crore.

Also Read: Gandhar Oil Refinery IPO: Should you subscribe to Rs 500-crore issue?

The company plans to use the proceeds to meet capital working requirements, reduce debt availed by Texol, and expand the automotive oil capacities at the Silvassa plant.

The Mumbai-based company allocated 8.8 million shares to anchor investors at Rs 169 apiece. Shares were allocated to 16 anchor investors, including Morgan Stanley, Societe Generale, Copthall Mauritius Investment, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Whiteoak Capital, Ashoka India Equity Investment Trust, Turnaround Opportunities Fund, Aditya Birla Sun Life Insurance Company, and SBI General Insurance Company.

Also Read: Gandhar Oil Refinery IPO: 10 things to know before subscribing to the Rs 500-crore issue

Gandhar Oil is a manufacturer of white oils, catering primarily to personal care, healthcare and performance oils (PHPO), lubricants and process and insulating oils (PIO) divisions under its Divyol brand.