Gandhar Oil Refinery India made a significant mark in the IPO landscape, securing the sixth position for the most substantial gains among offerings launched in the current calendar year on its listing day, November 30. Investors witnessed an impressive surge of over 78%, surpassing the expectations set by analysts.
The stellar performance on its debut can be attributed to several factors, including robust subscription numbers, a commendable financial track record, and a commanding market share in the white oils manufacturing sector. The positive sentiment prevailing in the equity markets also played a pivotal role in the stock’s exceptional listing gains.
Commencing the day at Rs 298, the stock exhibited a remarkable increase of 76.3% over the issue price of Rs 169 per share. Analysts had initially anticipated a debut in the range of Rs 240-250 per share, making the actual performance even more noteworthy. The strong listing day performance reflects investor confidence in Gandhar Oil Refinery India and underscores the company’s promising position in the market.
Gandhar Oil Refinery India IPO Details
| IPO Date |
November 22, 2023 to November 24, 2023 |
| Listing Date |
November 30, 2023 |
| Face Value |
₹2 per share |
| Price Band |
₹160 to ₹169 per share |
| Lot Size |
88 Shares |
| Total Issue Size |
29,626,732 shares
(aggregating up to ₹500.69 Cr) |
| Fresh Issue |
17,869,822 shares
(aggregating up to ₹302.00 Cr) |
| Offer for Sale |
11,756,910 shares of ₹2
(aggregating up to ₹198.69 Cr) |
| Issue Type |
Book Built Issue IPO |
| Listing At |
BSE, NSE |
Gandhar Oil Refinery India IPO Timeline (Tentative Schedule)
| IPO Open Date |
Wednesday, November 22, 2023 |
| IPO Close Date |
Friday, November 24, 2023 |
| Basis of Allotment |
Tuesday, November 28, 2023 |
| Initiation of Refunds |
Wednesday, November 29, 2023 |
| Credit of Shares to Demat |
Wednesday, November 29, 2023 |
| Listing Date |
Thursday, November 30, 2023 |
| Cut-off time for UPI mandate confirmation |
5 PM on November 24, 2023 |
Gandhar Oil Refinery India IPO Lot Size
| Application |
Lots |
Shares |
Amount |
| Retail (Min) |
1 |
88 |
₹14,872 |
| Retail (Max) |
13 |
1144 |
₹193,336 |
| S-HNI (Min) |
14 |
1,232 |
₹208,208 |
| S-HNI (Max) |
67 |
5,896 |
₹996,424 |
| B-HNI (Min) |
68 |
5,984 |
₹1,011,296 |
About Gandhar Oil Refinery (India) Limited
Gandhar embarked on its remarkable journey in 1992, riding the wave of optimism that swept the nation following liberalization. The company, led by a qualified and seasoned management team, quickly emerged as a key player in the specialty oils sector, demonstrating expertise in administration, marketing, and human resource management.
Starting with humble beginnings in Mumbai and a limited product line, Gandhar’s ascent to prominence was swift, propelled by the collective strength of its experienced and qualified management team. The company evolved into a formidable force, marking its presence in the industry.
Gandhar stands as a leading manufacturer of white oils by revenue, specializing in the production of Pharmaceutical, Health Care, and Performance Oil (PHPO), Process Insulating Oil (PIO), and Lubricants (automotive and industrial oils). Committed to excellence, Gandhar’s products meet national and international quality standards, boasting approvals from India FDA, ISO Certifications, Kosher, BIS, and Halal.
With a robust workforce of approximately 800 individuals, Gandhar is a key player in India’s white oils manufacturing landscape, extending its influence globally with operations reaching over 100 countries. The company operates manufacturing plants in strategic locations, including Silvassa, Taloja, and Sharjah, UAE (Texol Lubritech FZC), covering an extensive 1,28,454 square meters.
Silvassa Plant:Gandhar’s Silvassa plant is a testament to the company’s commitment to production and research. With a focus on high-quality R&D services, Gandhar endeavors to strengthen its manufacturing and product development capabilities.
Taloja Plant:Another key manufacturing hub for Gandhar, the Taloja plant, contributes significantly to the company’s production prowess. Together with the Silvassa facility, it plays a crucial role in meeting the demands of Gandhar’s Indian and global operations.
Texol Plant, Sharjah:Expanding its footprint globally, Gandhar’s Texol plant in Sharjah, UAE, further bolsters the company’s presence in the international market. This strategic location enables Gandhar to cater to a diverse range of global clients.
Manufacturing Capacity and Vision:As of June 30, 2023, Gandhar’s combined annual production capacity across its manufacturing facilities stands at an impressive 522,403 KL. The company’s commitment to pushing ahead with manufacturing muscle reflects its resilience in navigating the ever-changing marketplace.
End-Use Industries and Future Focus:Gandhar recognizes the growth potential in end-use industries such as pharmaceuticals and consumer products. Fueled by strong domestic consumption, favorable demographics, and government initiatives, these sectors present significant opportunities. Gandhar is well-positioned to capitalize on these industry trends and is focused on expanding its offerings to cater to the evolving needs of consumer and healthcare end-industries.
Setting Benchmarks with Research and Development:Gandhar’s R&D center at the Silvassa facility is a beacon of innovation. The company remains dedicated to strengthening its manufacturing and product development capabilities, collaborating with customers to address the growing demand for customization, contract manufacturing, and quality products.
In summary, Gandhar’s journey from 1992 to the present day is marked by resilience, excellence, and a forward-looking vision. As a leader in the specialty oils sector, the company continues to set benchmarks, driven by its commitment to innovation, quality, and meeting the dynamic needs of the industry.
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