Gandhar Oil Refinery (India) Limited: (L to R) Mr. Aslesh Ramesh Parekh (Joint Managing Director, Gandhar Oil Refinery (India) Limited), Mr. Jayesh Tavade (AVP, NSE), Mr. Samir Ramesh Parekh (Vice Chairperson and Joint Managing Director, Gandhar Oil Refinery (India) Limited), Mr. Indrajit Bhattacharyya (Chief Financial Officer, Gandhar Oil Refinery (India) Limited) Mr. Ramesh Babulal Parekh (Chairperson and Managing Director, Gandhar Oil Refinery (India) Limited) along with other family members at the lamp lightening ceremony during the listing ceremony of Gandhar Oil Refinery (India) Limited at NSE.
Gandhar Oil Refinery (India) Limited: (L to R) Mr. Samir Ramesh Parekh (Vice Chairperson and Joint Managing Director, Gandhar Oil Refinery (India) Limited), Mr. Ramesh Babulal Parekh (Chairperson and Managing Director, Gandhar Oil Refinery (India) Limited) and Mr. Aslesh Ramesh Parekh (Joint Managing Director, Gandhar Oil Refinery (India) Limited) presents memento to Dr. Harish Kumar Ahuja (Head PSD – Power & Carbon Markets, Investor Awareness services and Primary Market Relationship, NSE) during the listing ceremony of Gandhar Oil Refinery (India) Limited at NSE.
Gandhar Oil Refinery (India) Limited: Mr. Ramesh Babulal Parekh (Chairperson and Managing Director, Gandhar Oil Refinery (India) Limited) and Mr. Jayesh Tavade (AVP, NSE) ringing the bell in the presence of (L-R) Gandhar Oil Refinery (India) Limited Management, Mr. Indrajit Bhattacharyya (Chief Financial Officer, Gandhar Oil Refinery (India) Limited), Mr. Samir Ramesh Parekh (Vice Chairperson and Joint Managing Director, Gandhar Oil Refinery (India) Limited, Mr. Aslesh Ramesh Parekh (Joint Managing Director, Gandhar Oil Refinery (India) Limited) with other family members during the listing ceremony of Gandhar Oil Refinery (India) Limited at NSE.
MUMBAI, 30th NOVEMBER, 2023 (GPN) – Gandhar Oil Refinery Limited shares listed at 76.33 % premium over the IPO price on the Exchanges. The share debuted at Rs 298 on the NSE and Rs 295.40 on the BSE, surpassing the issue price of Rs 169. The investors have made a profit of Rs 129 per share as the scrip gave more than 76% return to investors on the listing.”
The Gandhar Oil Refinery IPO was subscribed 64.05 times, which is significantly higher than the expected. This strong response from investors could be due to a number of factors, including the company’s strong track record of growth and profitability, its diversified customer portfolio, and its strong distribution network. Overall, the listing of Gandhar Oil Refinery India was a success. The company’s strong fundamentals, robust demand for the IPO, and strong listing price suggest that the company is well-positioned for growth in the future. However investors may consider to book profit in it once,” said Shivani Nyati, Head of Wealth at Swastika Investmart.
Rajnath Yadav, Research Analyst, Choice Broking, advised to book profit and said, “At CMP of Rs 304, it is trading at a P/E multiple of 16.9x. Considering the growth outlook and profitability margins, currently the stock is fairly valued, thus investor’s advised to book profit. Fresh buying is not recommended at this levels.”
The Gandhar Oil Refinery IPO opened for subscription from Wednesday, November 22, 2023, until Friday, November 24, 2023. The public issue was subscribed 65.63 times. The Qualified Institutional Buyers (QIBs) category has been subscribed 129.06 times, the portion for non-institutional investors received 64.34 times subscription and the Retail Individual Investors (RIIs) quota got oversubscribed by 29.93 times. Gandhar Oil Refinery collected Rs 23,001.10 crore from the public issue.
The IPO comprises a fresh issue of 17,869,822 shares aggregating up to Rs 302 crore and an Offer-For-Sale (OFS) with promoters offloading 11,756,910 shares aggregating up to Rs 198.69 crore. For potential investors, the bidding starts at a minimum of 88 equity shares, with subsequent bids in multiple lots of 88 equity shares each, with a maximum of 13 lots. The price band for its public issue at Rs 160-169 per equity share of face value Rs 2 each.
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