Gandhar Oil Refinery IPO has subscribed 64.07 times on November 24, the final day of bidding, with bids coming in for 136.1 crore shares against 2.12 crore shares on the block. Qualified institutional buyers took the lead, booking 129 times their quota of shares. The portion set aside for retail investors was booked 28.95 times and that of high networth individuals 62.2. 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.
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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. The 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.
Also Read: Gandhar Oil Refinery IPO: Investors mop up Rs 150 crore via anchor book
Gandhar Oil Refinery mobilised Rs 150.2 crore through its anchor book on November 21 ahead of the opening of its public issue. As per the filing to exchanges, Gandhar Oil Refinery allocated shares to a total of 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: Should you subscribe to Rs 500-crore issue?
Gandhar Oil 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.
Also Read: Gandhar Oil Refinery IPO: 10 things to know before subscribing to the Rs 500-crore issue
Gandhar Oil Refinery offers over 440 products primarily across the personal care, healthcare and performance oils (PHPO), lubricants and process and insulating oils (PIO) divisions under its Divyol brand, has reserved 50 percent of the net issue portion for qualified institutional buyers, and 15 percent for high net worth individuals (non-institutional investors) and the remaining 35 percent portion has been reserved for retail investors.
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