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Gandhar Oil Refinery India Ltd IPO

Small CapOil and GasMainboard

IPO Details

Bidding Dates

22 Nov '23 - 24 Nov '23

Minimum Investment

₹14,872 / 1 Lots ( 88 Shares )

Price Range

₹160 - ₹169

Maximum Investment

₹193,336 / 13 Lots ( 1144 Shares )

Retail Discount

Not Applicable

Issue Size

₹500.69 Cr

Investor category and sub category

Qualified Institutional Buyers  |  Non-Institutional Investors  |  Retail Individual Investors

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Nov 22, 23

IPO Closing Date

Nov 24, 23

Basis of Allotment

Nov 30, 23

Initiation of Refunds

Dec 1, 23

Credit of Shares to Demat Account

Dec 4, 23

IPO Listing Date

Dec 5, 23

UPI Mandate Expiry Date

Nov 24, 23

Gandhar Oil Refinery India Ltd IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Nov 22 2023

1.35x8.01x7.35x5.78x

Day 2Nov 23 2023

3.14x27.19x18.07x15.76x

Day 3Nov 24 2023

129.06x64.34x29.92x65.62x

About Company

Gandhar Oil Refinery is a leading manufacturer of white oils. As of June 30, 2022, their product suite comprised over 350 products under the ‘Divyol’ brand. Their personal care, lubricant, process and insulating oil products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power and tyre and rubber sectors. 

The white oil market is the fastest-growing segment in the speciality oils sector and Gandhar Oil Refinery is India’s largest manufacturer of white oils by revenue in FY 2022. It is one of the top 5 players globally in terms of market share in the calendar year 2021. As of June 30, 2022, their products were sold in over 100 countries across the globe. They catered to over 3,500 customers

in FY 2022, including leading Indian and global companies such as Procter & Gamble (P&G), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare. Their operations are supported by their global supplier base and manufacturing operations in India and UAE.

The global specialty oil market value, estimated at $125.99 billion in 2022, is expected to grow to $148.7 billion by 2027, at a CAGR of 3.4%. In 2021, of the entire global speciality oil market, white oil constituted around 2.5%. Therefore, Gandhar Oil Refinery may benefit from the expanding market.

Gandhar Oil Refinery India Ltd IPO Details

Gandhar Oil Refinery India Ltd IPO Date

The dates for bidding for the Gandhar Oil Refinery India IPO are November 21, 2023 to November 23, 2023.

Gandhar Oil Refinery India Ltd IPO Price Band

Gandhar Oil Refinery India is a book-built IPO. The price range has not been declared.

Gandhar Oil Refinery India Ltd IPO Lot Size

The Gandhar Oil Refinery India Ltd IPO lot size has not been declared yet.

Gandhar Oil Refinery India Ltd IPO Objectives 

The company proposes to utilise the net proceeds from the issue towards funding the following objectives:

  1. Investment in Texol by helping Texol repay its loan from the Bank of Baroda.
  2. Capital expenditure through the purchase of equipment and civil work required for:
    1. Expansion in the capacity of automotive oil at their Silvassa Plant.
    2. Expansion in the capacity of petroleum jelly and accompanying cosmetic product division at their Taloja Plant.
    3. Expansion in the capacity of white oils by installing blending tanks at their Taloja Plant.
  1. Funding working capital requirements.
  2. General corporate purposes.

Peer Details

The company’s peers include:

  1. Savita Oil Technologies Ltd
  2. Apar Industries Ltd
  3. Panama Petrochem
  4. Galaxy Surfactants
  5. Privi Speciality Chemicals
  6. Rossari Biotech
  7. Fairchem Organics

How To Check the Allotment Status of the Gandhar Oil Refinery India Ltd IPO?

A: Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Gandhar Oil Refinery India Ltd 

Registered office: 18th floor, DLH Park, S.V. Road Goregaon (W), Mumbai 400062, Maharashtra, India

Phone: +91 22 40635600

E-mail: investor@gandharoil.com

Company Financials

Particulars ( ₹ in million )Year Ending on March 31, 2022Year ending on March 31, 2021
Total Income35,688.0322,423.83
Total Restated Comprehensive Income/(loss) for the Year1,600.69984.94
Current Ratio1.531.55
Return on Capital Employed42.12%30.00%
Debt Service Coverage Ratio4.903.51

Know before investing

Strengths

3
  1. Their pro forma consolidated revenue from operations grew at a CAGR of 49.68% between FY 2020-22. This was the highest CAGR among selected speciality oil peers and the second highest CAGR growth among selected speciality chemical peers.

  2. The percentage of customers placing repeat orders in the Financial Years 2022, 2021 and 2020 was 68.86%, 66.37% and 59.30%, respectively. This shows how much customer satisfaction and value their products have been able to create.

  3. They currently operate 3 strategically located manufacturing facilities, with two plants located in Western India and one plant located in Sharjah, UAE. All of these are easily connected to global oil supply routes as well as major markets.

Risks

3
  1. They depend significantly on their PHPO division, which contributed 53.50% of their total pro forma consolidated revenue from finished goods sold.

  2. For their speciality oil and lubricant products, a major component of their raw material is base oil, which is derived from vacuum gas oil, which is, in turn, a by-product of crude oil. Therefore, their raw material costs are indirectly exposed to fluctuations in crude oil prices. It also exposes them to exchange rate fluctuations.

  3. Their overall business and the demand for their products are dependent on the end industries in which their products are used and any decline in the demand for their customers’ end products could have an adverse impact on their business.

  • How to Apply in IPO
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Gandhar Oil Refinery India Ltd IPO FAQs

Gandhar Oil Refinery India  IPO is a book-built IPO. The dates for the IPO are November 21, 2023 to November 23, 2023.
The allotment date for the IPO is Thursday, November 29, 2023.
The IPO subscription window is November 21, 2023 to November 23, 2023.
The lot size for the IPO has not been declared yet.
Gandhar Oil Refinery India Ltd will be listed on the BSE and NSE on Monday, December 4, 2023.  
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The date of listing is Monday, December 4, 2023.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you. 
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
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