IPO News: Gandhar Oil Refinery Discloses IPO Price Band, Know Opening Date and Other Details

19 Nov, 2023 Author: Ayushee Joshi

IPO News: Gandhar Oil Refinery India has set the pricing range for its first public offering (IPO). The IPO will go public on November 22nd, and anchor booking will take place on November 21st. The deadline for bids is November 24. Gandhar Oil is a renowned white oil company with a focus on the consumer and healthcare markets. In FY22, the firm was India's top producer of white oil in terms of revenue, including local and overseas sales.

Gandhar Oil IPO Details

The price range per share has been set by the company at Rs 160 to Rs 169 with a face value of Rs 2. According to the company, one lot of the IPO would comprise 88 equity shares. After one lot, investors will be allowed to bid in multiples of 88 equity shares. The IPO would consist of a new Rs 302 crore offering as well as 1.17 crore OFS equity shares. The net proceeds of the new issue of Rs 357 crore included in the offer will be used for loan repayment/prepayment, the purchase of equipment and construction projects, the increase of the manufacturing facility for automotive oils, petroleum jelly, and white oils through the installation of blending tanks, working capital funding, and general corporate purposes.

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