Gandhar Oil went up ₹150 crore from 16 anchor investors on November 21, a day before its initial public offering (IPO) opens for bidding, at the allotment price of ₹169 per equity share.
About 47.58% of the total allocation of equity shares to anchor investors was allocated to 3 domestic mutual funds, applied through 7 schemes on Tuesday, which is worth. ₹71 crores.
Gandhar Oil IPO subscription date is scheduled for Wednesday, November 22, and will close on Friday, November 24. The IPO share price has been set in the range of ₹160 to ₹169 per equity share of a face value of ₹2.
The floor price is 80 times the nominal value of the equity shares and the limit price is 84.50 times the nominal value of the equity shares. The price to earnings ratio based on updated consolidated financial information on diluted EPS for the financial year 2023 at the cap price is as high as 7.11 times and at the floor price 6.73 times. Gandhar Oil IPO lot size is 88 equity shares and in multiples of 88 equity shares thereafter.
Tentatively, Gandhar Oil IPO basis of allotment of shares will be finalized on Thursday, November 30 and the company will initiate refunds on Friday, December 1, while the shares will be credited to the demat account of allottees on Monday, December 4. Gandhar Oil IPO shares are likely to be listed BSE and NSE on Tuesday, December 5.
Gandhar Oil IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors .
According to the Red Herring Prospectus (RHP), promoter Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh would each sell 2,250,000 equity shares. Other selling shareholders are Green Desert Real Estate Brokers, which will offload 3,000,000 equity shares, and Denver Bldg Mat & Décor TR LLC would offer 1,000,000 equity shares.
The registrar for the Gandhar Oil Refinery India IPO is Link Intime India Private Ltd, while the book keeping principal managers are Edelweiss Financial Services Ltd and ICICI Securities limited
Gandhar Oil Refinery IPO GMP today
Gandhar Oil Refinery IPO GMP today or gray market premium is +74. This indicates that the share price of Gandhar Oil Refinery was trading at a premium of ₹74 in the gray market on Tuesday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the gray market, the estimated list price of the Gandhar Oil Refinery share price is ₹219 per which is 29.59% higher than the IPO price of ₹169.
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Updated: 21 Nov 2023, 21:11 IST