Gandhar Oil Refinery to Launch IPO on November 22
New Delhi, India – Gandhar Oil Refinery (India) Ltd has announced its plans to open its initial public offering (IPO) on November 22. The three-day IPO will run until November 24, with the anchor book opening for a day on November 21, as stated in the Red Herring Prospectus (RHP).
Following Indian Renewable Energy Development Agency and Tata Technologies, this will be the third maiden public issue to open next week.
The IPO consists of a fresh issue of equity shares worth Rs 302 crore, along with an Offer for Sale (OFS) of 1.17 crore shares by promoters and existing shareholders. Market sources expect fundraising through the OFS component to reach Rs 500 crore.
Promoters such as Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, as well as other shareholders including Fleet Line Shipping Services LLC, Denver Bldg Mat & Decor TR LLC, and Green Desert Real Estate Brokers, will be offering shares in the OFS.
The proceeds from the fresh issue component will go towards debt repayment and the purchase of equipment and civil work needed for expanding the capacity of automotive oil at the Silvassa plant. Additionally, funds will be utilized for expanding the capacity of petroleum jelly and cosmetic products at the Taloja plant, as well as for increasing the capacity of white oils by installing blending tanks and funding working capital requirements.
Gandhar Oil Refinery is a leading manufacturer of white oils with a growing focus on the consumer and healthcare industries. The company’s product suite encompasses over 350 products, primarily targeting personal care, healthcare, and performance oils, lubricants, as well as process and insulating oils divisions under the Divyol brand.
Nuvama Wealth Management and ICICI Securities are the book-running lead managers advising the company on the IPO.
The initial share sale of state-owned Indian Renewable Energy Development Agency is slated to open on November 21, while that of Tata Technologies will follow on the subsequent day.
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