Gandhar Oil Refinery IPO to open on November 22, heres all you need to know

Gandhar Oil Refinery (India) Ltd. is gearing up for its initial public offering set to debut on November 22, with the IPO concluding on November 24, as detailed in the Red Herring Prospectus (RHP).

Following this launch, the anchor book for the offer will be open on November 21.

The IPO marks the third major public issue in the upcoming week, following the Indian Renewable Energy Development Agency and Tata Technologies.

The offering comprises a fresh issue of equity shares amounting to Rs 302 crore and an Offer for Sale (OFS) of 1.17 crore shares by promoters and existing shareholders. The OFS is anticipated to raise around Rs 500 crore, according to market sources.

Key contributors to the OFS include promoters Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, as well as other shareholders like Fleet Line Shipping Services LLC, Denver Bldg Mat & Dcor TR LLC, and Green Desert Real Estate Brokers.

The proceeds from the fresh issue are designated for debt repayment, procurement of equipment, and civil work essential for expanding automotive oil capacity at the Silvassa plant. Additionally, the funds will facilitate expansion in the petroleum jelly and cosmetic product division at the Taloja plant, augment white oil capacity via blending tank installations, and cater to working capital requirements.

Gandhar Oil Refinery holds a prominent position as a leading manufacturer of white oils, with a particular focus on the consumer and healthcare industries. The company’s product suite, as of June 30, 2022, includes a diverse range of over 350 products across personal care, healthcare, performance oils, lubricants, and insulating oils under the Divyol brand.

Nuvama Wealth Management (formerly Edelweiss Securities) and ICICI Securities will serve as the book-running lead managers for the IPO, providing advisory services to the company.

This IPO release coincides with the initial share sale of the Indian Renewable Energy Development Agency scheduled to open on November 21, followed by Tata Technologies’ public subscription on the subsequent day.

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