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The initial public offer (IPO) of Gandhar Oil Refinery (India) received bids for 32,39,33,896 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 15.25 times.
The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 160-169 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.
The offer comprises of fresh issue of 1,78,69,822 equity shares and an offer for sale of 1,17,56,910 equity shares.
Promoter group selling shareholder Ramesh Babulal Parekh post-issue shareholding will decrease to 28.5% from 37.7% pre-issue shareholding. Kailash Parekh’s post-issue shareholding will decrease to 7.2% from 11.6% pre-issue shareholding. Gulab Parekh’s post-issue shareholding will decrease to 8.7% from 13.5% pre-issue shareholding.
The company proposes to utilize the net proceeds from the fresh issue towards funding investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from Bank of Baroda, amounting Rs 22.71 crore, capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at the Silvassa plant, amounting Rs 27.73 crore, funding working capital requirements of the company amounting Rs 185.01 crore, and the balance towards general corporate purposes.
Ahead of the IPO, Gandhar Oil Refinery (India) on Tuesday, 21 November 2023, raised Rs 150.20 crore from anchor investors. The board allotted 88.88 lakh shares at Rs 169 each to 16 anchor investors.
Incorporated in 1992, Gandhar Oil Refinery India (GORL) is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. The company has three main business divisions: PHPO (personal care, healthcare, and performance oils), lubricant and PIO (process and insulating oils). As of June 30, 2023, its product suite comprised over 440 products primarily across the PHPO, lubricants and PIO divisions under the Divyol brand.
GORL's key customers are P&G (for petroleum jelly in the Indian market), Unilever, Bajaj Consumer Care, Dabur, Emami, Marico, Patanjali Ayurved, Amrutanjan Healthcare, Supreme Petrochem, Encube.
The firm reported a net profit of Rs 54.29 crore and total income of Rs 1,070.34 crore for the three months ended on 30 June 2023.
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