Gandhar Oil Refinery shares listed at 76.33 % premium over IPO price on bourses. The share debuted at Rs 298 on the NSE and Rs 295.40 on the BSE, surpassing the issue price of Rs 169. The investors have made a profit of Rs 129 per share as the scrip gave more than 76% return to investors on the listing.”
“The IPO was subscribed 64.05 times, which is significantly higher than the expected. This strong response from investors could be due to a number of factors, including the company’s strong track record of growth and profitability, its diversified customer portfolio, and its strong distribution network. Overall, the listing of Gandhar Oil Refinery India was a success. The company’s strong fundamentals, robust demand for the IPO, and strong listing price suggest that the company is well-positioned for growth in the future. However investors may consider to book profit in it once,” said Shivani Nyati, Head of Wealth at Swastika Investmart.
The Gandhar Oil Refinery IPO opened for subscription from Wednesday, November 22, 2023, until Friday, November 24, 2023. The public issue was subscribed 65.63 times. The Qualified Institutional Buyers (QIBs) category has been subscribed 129.06 times, the portion for non-institutional investors received 64.34 times subscription and the Retail Individual Investors (RIIs) quota got oversubscribed by 29.93 times. Gandhar Oil Refinery collected Rs 23,001.10 crore from the public issue.
The IPO comprises a fresh issue of 17,869,822 shares aggregating up to Rs 302 crore and an Offer-For-Sale (OFS) with promoters offloading 11,756,910 shares aggregating up to Rs 198.69 crore. For potential investors, the bidding starts at a minimum of 88 equity shares, with subsequent bids in multiple lots of 88 equity shares each, with a maximum of 13 lots. The price band for its public issue at Rs 160-169 per equity share of face value Rs 2 each.
