Gandhar Oil Refinery IPO: Check allotment details and listing date here

28 Nov 2023 , 12:59 PM

After a strong response to the public issue of Gandhar Oil Refinery (India), investors are eagerly awaiting the share allotment. The basis of allotment for the public issue shares is anticipated to be finalized by the company in consultation with the NSE on November 28, according to sources.

The Rs 500-crore initial public offering (IPO) saw a remarkable subscription of 64.07 times from November 22-24. Qualified institutional buyers led the way, subscribing 129 times their allocated quota. Retail investors bid 28.95 times, and high net-worth individuals subscribed 62.2 times their portion.

The IPO comprised a fresh issue of Rs 302 crore shares by the company and an offer-for-sale of Rs 198.69 crore by the promoter and investors. The price band for the offer was set at Rs 160-169 per share.

The white oil manufacturing company plans to utilize the IPO proceeds for working capital requirements, repayment of debt availed by Texol, and the expansion of capacity at the Silvassa and Taloja plants.

Investors can check their share allotment status on the IPO registrar’s portal (Link Intime India) and the BSE website. The equity shares are expected to be credited to the demat accounts of eligible investors by November 29, with trading in equity shares likely to commence on November 30. These dates are tentative and subject to change.