White oils manufacturing company Gandhar Oil Refinery mobilised Rs 150.2 crore through its anchor book on November 21 ahead of the opening of its public issue.
The maiden public issue will be opening for subscription during November 22-24, with a price band at Rs 160-169 per share.
After consultation with merchant bankers, the Mumbai-based company said that it has finalised the allocation of 88,88,018 equity shares to anchor investors at Rs 169 per equity share.
As per the filing to exchanges, Gandhar Oil Refinery has 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.
"Out of the total allocation of 88,88,018 equity shares to anchor investors, 42,28,576 equity shares were allocated to three domestic mutual funds, who have applied through a total of seven schemes," the company said.
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The company that caters to the consumer and healthcare end-industries is planning to raise Rs 500.69 crore via an initial public offering at the upper price band comprising a fresh issuance of shares worth Rs 302 crore and an offer-for-sale of 1.17 crore equity shares worth Rs 198.69 crore by promoters and investors.
Out of the total fresh issue proceeds, the firm will spend Rs 22.7 crore for repaying debts availed by Texol from the Bank of Baroda, and Rs 27.7 crore for the purchase of equipment and civil work required for expansion in the capacity of automotive oil at Silvassa plant.
Further, Rs 185 crore will be used for working capital requirements, and the remaining funds will be kept aside for general corporate purposes.
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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 networth individuals (non-institutional investors) and the remaining 35 percent portion has been reserved for retail investors.
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