Gandhar Oil Refinery IPO Overwhelms Investors, Oversubscribed 52.56 times

24 Nov 2023 , 04:01 PM

The Gandhar Oil Refinery IPO has witnessed a robust response from investors, reaching a subscription rate of 52.56 times at 3:54 pm on the third day of bidding, November 24, 2023. The total bids received amount to 1,35,06,63,512 shares against the offered 2.07 crore shares.

The qualified institutional buyers (QIBs) category witnessed the highest subscription at 129.00 times, followed by non-institutional investors (NIIs) with bids at 62.07 times. The retail investors’ quota saw a subscription of 28.14 times.

The price band for the IPO has been set at Rs 160-169 per share, and one lot comprises 88 company shares. The minimum amount required for a retail investor to apply for the IPO is Rs 14,872.

Gandhar Oil Refinery is a manufacturer of white oils catering to consumer and healthcare end industries. The company offers a diverse range of over 350 products, primarily falling under three categories: personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO), under the brand name ‘Divyol’.