Gandhar Oil Refinery IPO to open on Nov 22

Gandhar Oil Refinery IPO to open on Nov 22

New Delhi, Nov 16 (PTI) Gandhar Oil Refinery (India) Ltd is set to open its initial public offering on November 22.

The three-day Initial Public Offering (IPO) will conclude on November 24 and the anchor book of the offer will open for a day on November 21, according to the Red Herring Prospectus (RHP).

This will be the third maiden public issue opening next week, after Indian Renewable Energy Development Agency and Tata Technologies.

The IPO comprises a fresh issue of equity shares worth Rs 302 crore and an Offer for Sale (OFS) of 1.17 crore by promoters and existing shareholders.

Fundraising through the OFS component is expected to be Rs 500 crore, market sources said.

Those offering shares in the OFS include promoters -- Ramesh Babulal Parekh, Kailash Parekh and Gulab Parekh -- and other shareholders -- Fleet Line Shipping Services LLC, Denver Bldg Mat & Décor TR LLC and Green Desert Real Estate Brokers.

Proceeds from the fresh issue component will be used for payment of debt and for the purchase of equipment and civil work required for expansion in the capacity of automotive oil at the Silvassa plant.

In addition, funds will be utilised for expansion in capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja plant as well as expansion in capacity of white oils by installing blending tanks at the plant and funding working capital requirements.

Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end industries.

As of June 30, 2022, the company's product suite comprised over 350 products primarily across the personal care, healthcare and performance oils, lubricants and process and insulating oils divisions under the Divyol brand.

Nuvama Wealth Management (formerly known as Edelweiss Securities) and ICICI Securities are the book-running lead managers that will advise the company on the IPO.

The initial share sale of state-owned Indian Renewable Energy Development Agency is scheduled to open on November 21, while that of Tata Technologies would open for public subscription on the following day. PTI SP SHW

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