Gandhar Oil Refinery (India) IPO
Gandhar Oil Refinery (India) IPO — date, price band, lot size & details 2023
Gandhar Oil Refinery (India) listed on 30 Nov 2023 at ₹298, 76.3% above the ₹169 issue price.
Gandhar Oil Refinery (India) is India's largest maker of white oils by revenue, selling personal care and healthcare oils, lubricants and process oils under the Divyol brand. Its total income was Rs 4,101.79 crore in FY2023.
Stock price
Gandhar Oil Refinery (India) is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 22 Nov 2023
- Close 24 Nov 2023
- Allotment 28 Nov 2023
- Refund/credit 29 Nov 2023
- Listing 30 Nov 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 22 to 24 Nov, 2023 |
|---|---|
| Price Band | ₹160 – ₹169 |
| Face Value | ₹2 |
| Lot Size | 88 Shares |
| Issue Size | ₹500.69 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,872 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 88 shares at the ₹169 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 88 | ₹14,872 |
| Retail (max) | 13 | 1,144 | ₹1,93,336 |
| S-HNI (min) | 14 | 1,232 | ₹2,08,208 |
| S-HNI (max) | 67 | 5,896 | ₹9,96,424 |
| B-HNI (min) | 68 | 5,984 | ₹10,11,296 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 2,069.58 crore in FY2021 to Rs 4,101.79 crore in FY2023.
- 02Profit after tax rose from Rs 161.14 crore in FY2021 to Rs 213.18 crore in FY2023.
- 03The pre-issue P/E was 6.34 at the upper band of Rs 169, based on EPS of Rs 26.65.
- 04It is India's largest white oil maker by revenue and sells over 440 products.
- 05The source puts return on net worth at 32.28%.
Risks · 5
- 01Margins are thin, and the source puts the PAT margin at 5.20%.
- 02Base oil prices follow crude oil, which can swing costs sharply, as profit was only Rs 54.28 crore in the three months to 30 June 2023.
- 03Total borrowing rose from Rs 169.53 crore on 31 March 2023 to Rs 335.62 crore on 30 June 2023.
- 04Rs 198.69 crore of the Rs 500.69 crore issue was offer for sale, including by promoters.
- 05Promoters and the promoter group held 87.5% before the issue and 64.63% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Gandhar Oil Refinery (India) offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,795.57 | 1,613.44 | 1,318.21 | 1,097.70 |
| Total Income | 1,071.52 | 4,101.79 | 3,397.98 | 2,069.58 |
| Profit After Tax | 54.28 | 213.18 | 184.30 | 161.14 |
| NET Worth | 810.79 | 760.21 | 560.71 | 375.76 |
| Total Borrowing | 335.62 | 169.53 | 158.16 | 176.78 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Gandhar Oil Refinery (India) RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Gandhar Oil Refinery (India) IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹26.65 | ₹22.19 |
| P/E Ratio (x) | 6.34 | 7.62 |
| Market Cap at Offer Price (₹ Cr) | ₹344.21 | ₹413.40 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹169 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹263.10 Cr of the issue is earmarked to named objects.
About the company
As of 30 June 2023 its range had over 440 products across personal care, healthcare and performance oils, lubricants, and process and insulating oils, under the Divyol brand. Its customers include Procter & Gamble, Unilever, Marico, Dabur, Patanjali Ayurved, Bajaj Consumer Care and Emami.
It runs manufacturing plants at Silvassa and Taloja in India and at Sharjah in the UAE.
The IPO was Rs 500.69 crore, with Rs 302.00 crore of fresh issue and Rs 198.69 crore of offer for sale by promoters, promoter group members and investors. Rs 185.01 crore was planned for working capital and Rs 27.73 crore for expanding the Silvassa plant.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Gandhar Oil Refinery (India) IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Nuvama Wealth Management Ltd.
42 issues handledBest listing: P N Gadgil Jewellers (+72.9%). Weakest: ACME Solar Holdings (-13.1%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Gandhar Oil Refinery (India)?
The current Grey Market Premium is ₹68, or 40% over the issue price.
What is the Gandhar Oil Refinery (India) IPO price band?
₹160 to ₹169, on a face value of ₹2.
When is the allotment?
The basis of allotment is 28 November 2023, with listing on 30 November 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
