Gandhar Oil Refinery initial public offering (IPO) was subscribed more than 15.27 times on its second day of offering. The issue opened for subscription on November 22 and will close on November 24.
The retail investors portion of Gandhar Oil Refinery IPO has been subscribed 17.27 times, NII share is subscribed 26.24 times, and Qualified Institutional Buyers (QIB) share is reserved 3.14 times. The IPO received bids for 32,43,12,296 shares against 2,12,43,940 shares offered, according to data from the BSE.
On the first day of offering, the issue was fully subscribed with offers coming in for 89 million shares against a total of 21 million shares offered.
The public issue was subscribed by a total of 4.2 times led by retail and non-institutional investors (NIIs), as of 3:15 pm. While NIIs ordered 5.56x of the public issue, retail investors ordered 5.23x, data suggested. Qualified institutional buyers (QIBs) subscribed 1.3x of issue share on day 1 of the IPO subscription, data showed.
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.
The IPO share price was 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.
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 IPO GMP Today
Gandhar Oil IPO gray market premium is +76. This indicated that the share price of Gandhar Oil is today trading at a premium of ₹76 in the gray market on Thursday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the gray market, the estimated listing price of Gandhar Oil’s share price has been indicated at ₹245 a piece, which is 44.97% higher than the IPO price of ₹169.
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Updated: 23 Nov 2023, 18:44 IST