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Gandhar Oil IPO Opens on November 22, Price Band Set at ₹160-169 Per Share

Gandhar Oil IPO, scheduled to open for subscription on November 22 and close on November 24, has set its price band at ₹160 to ₹169 per equity share with a face value of ₹2. The IPO includes a fresh issue of shares up to ₹302 crore and an offer for sale (OFS) of 11,756,910 equity shares by promoters and other selling shareholders. The floor price is 80 times the face value, while the cap price is 84.50 times the face value. The IPO lot size is 88 equity shares, and the tentative basis of allotment will be finalized on November 30, with refunds initiated on December 1. The shares are expected to be listed on BSE and NSE on December 5.

Gandhar Oil IPO Details:

  • IPO Date: November 22 to November 24
  • Price Band: ₹160-169 per equity share
  • Lot Size: 88 shares
  • Tentative Allotment: November 30
  • Refund Initiation: December 1
  • Listing Date: December 5

Allocation:

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  • QIB: Not more than 50%
  • NII: Not less than 15%
  • Retail Investors: Not less than 35%

Use of Proceeds:

  • Investing in Texol through a loan
  • Capital expenditure for expanding automotive oil capacity
  • Financing working capital needs
  • General corporate purposes

The IPO is managed by Edelweiss Financial Services Ltd and ICICI Securities Limited, with Link Intime India Private Ltd serving as the registrar.

Investors are closely watching the IPO, considering the promising price band and the company’s intended use of proceeds for expansion and development.

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