Gandhar Oil Refinery Set to Open Initial Public Offering on November 22
New Delhi, India – Gandhar Oil Refinery (India) Ltd is gearing up to launch its initial public offering on November 22. The three-day IPO will close on November 24, with the anchor book of the offer opening for a day on November 21, as stated in the Red Herring Prospectus (RHP).
This will mark the third maiden public issue opening next week, following Indian Renewable Energy Development Agency and Tata Technologies.
The IPO consists of 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. Market sources anticipate that the OFS component will raise around Rs 500 crore.
Promoters Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, along with other shareholders Fleet Line Shipping Services LLC, Denver Bldg Mat & Decor TR LLC, and Green Desert Real Estate Brokers, will be offering shares in the OFS.
The proceeds from the fresh issue component will be allocated for debt repayment and the purchase of equipment and civil work needed for expanding the automotive oil capacity at the Silvassa plant. Additionally, funds will be utilized for expanding the capacity of petroleum jelly and the accompanying cosmetic product division at the company’s Taloja plant, as well as for expanding the 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 emphasis on the consumer and healthcare industries. As of June 30, 2022, the company’s product suite consisted of over 350 products primarily across the personal care, healthcare, 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 who 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 will open for public subscription the following day.
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