Gandhar Oil Refinery IPO opens on November 22

Gandhar Oil Refinery IPO opens on November 22 : Should you invest in a Rs 500-crore issue?

Brokerages such as BP Wealth, Swastika Investmart, and StoxBox have given the Gandhar Oil Refinery IPO a ‘Subscribe’ rating.

On November 22, the Gandhar Oil Refinery IPO will go public. The white oil manufacturer intends to raise Rs 500.69 crore through an initial public offering. The offer includes a new issue of 1.78 crore shares worth Rs 302 crore and a sale of 1.17 crore shares worth Rs 198.69 crore. Brokerages such as BP Wealth, Swastika Investmart, and StoxBox have assigned the issue a ‘Subscribe’ rating due to its healthy financial performance, product portfolio expansion, growing overseas business, and fair valuation.

Gandhar Oil Refinery IPO opens on November 22

Gandhar Oil Refinery’s initial public offering (IPO) begins on November 22: Should you invest in a Rs 500-crore issue?

The offer will end on November 24 with a price range of Rs 160-169 per share. In the OFS, promoters Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh will sell 22.5 lakh shares each. Green Desert Real Estate Brokers, Denver Bldg Mat & Décor TR LLC, and Fleet Line Shipping Services LLC will also leave the company by selling their entire stake in OFS.

A significant portion of the proceeds from the new issue, amounting to Rs 185 crore, will be used for the company’s working capital requirements. Furthermore, Texas’s debt of Rs 22.71 crore will be repaid, and Rs 27.73 crore will be spent on the purchase of equipment and civil work required for the expansion of automotive oil capacity at the Silvassa plant.

The revenue from operations at Gandhar Oil Refinery increased 15.13 percent to Rs 4,079.4 crore in FY23 from Rs 3,543.3 crore in FY22. Profit after tax increased 30.3 percent to Rs 213.17 crore in the same period, from Rs 163.58 crore. Personal care, healthcare, and performance oils (PHP) was the largest business division, accounting for 55% of total revenue in FY23, followed by lubricants, which accounted for 25% of total revenue. The remaining revenue came from process and insulating oils (PIO) and channel partners. For more information visit 

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