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IPO

Gandhar Oil Refinery IPO subscribed 64 times

Economic Times  

The initial public offer (IPO) of Gandhar Oil Refinery was subscribed 64 times. The retail portion of the issue was subscribed at 28 times, and the non-institutional investors' category subscription stood at 62 times. The allocation for qualified institutional buyers was booked 129 times. The IPO comprises a fresh equity issue of INR 302 crore and an offer for sale (OFS) of 1.17 crore shares. Under the OFS, promoter-selling shareholders Kailash Parekh, Gulab Parekh, and other selling shareholders Green Desert Real Estate and Fleet Line Shipping, among others, will offload shares. The IPO is priced in the range of INR 160-169. The company had raised INR 150 crore from 16 anchor investors. Gandhar Oil manufactures white oils with a focus on the consumer and healthcare end-industries. Its 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.

From the Venture Intelligence PE-VC Deal Database: In Nov 2019, Gandhar Oil had attracted a secondary investment from IDFC PE. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)