Gandhar Oil Refinery India Marks Stellar Debut on Stock Exchanges

Gandhar Oil Refinery India Marks Stellar Debut on Stock Exchanges

Impressive Listing and Early Trade Performance::::: Gandhar Oil Refinery India Marks Stellar Debut on Stock Exchanges

Gandhar Oil Refinery India Ltd. experienced a strong debut on the National Stock Exchange (NSE) with its shares opening at ₹298 each, a significant 76.33% premium over the issue price of ₹169. The stock’s performance further escalated to around ₹344, marking an exceptional 103% premium above the issue price, shortly after listing.

IPO Details and Subscription Response

The company’s ₹500.69 crore Initial Public Offering (IPO), which was open from November 22 to November 24, had a price band of ₹160 to ₹169 per share. The IPO comprised a fresh issue of ₹302 crore and an Offer For Sale (OFS) of ₹198.69 crore. The issue witnessed robust subscription, receiving an overall 64 times subscription, with retail investors subscribing 29 times, non-institutional buyers 62.23 times, and qualified institutional buyers (QIBs) an impressive 129 times.

Investor Gains from the IPO

Retail investors who were allotted shares in the IPO saw substantial gains. With the minimum lot set at 88 shares, an investment valued at ₹14,872 at the issue price soared to approximately ₹30,272 post-listing, translating to a net profit of ₹15,400, or a 103% gain.

Gandhar Oil Refinery’s Market Position and Financial Performance

Gandhar Oil Refinery, a leading manufacturer of white oils, holds a significant position in both domestic and global markets. In FY2023, it ranked as the top player in terms of revenue in the white oil segment. The company’s products, used in various industries like consumer goods, healthcare, and automotive, have a global presence, selling in over 100 countries. Its client base includes major companies such as Procter & Gamble, Unilever, and Patanjali Ayurved.

Financially, Gandhar Oil Refinery has shown a consistent growth trajectory, with revenues climbing from ₹2,069.58 crore in FY21 to ₹4,101.79 crore in FY23, and net profits increasing correspondingly from ₹161.14 crore to ₹213.18 crore in the same period.

The remarkable market debut of Gandhar Oil Refinery India Ltd. highlights the strong investor confidence in the company’s business model and growth prospects. The listing is indicative of the robust appetite for quality offerings in the Indian IPO market.

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