ETMarkets.comThe retail portion of the issue was subscribed at 28 times, and the non-institutional category's subscription rate stood at 62 times. The allocation for qualified institutional bidders was booked 129 times.
According to market sources, the company's shares are fetching a premium of Rs 72-77 in the grey market. The IPO is priced in the range of Rs 160-169.
The IPO of Gandhar Oil comprises a fresh equity issue of Rs 302 crore and an offer for sale (OFS) of 1.17 crore shares. Under the OFS, promoter-selling shareholders Kailash Parekh, Gulab Parekh, and other selling shareholders Green Desert Real Estate, and Fleet Line Shipping among others will offload shares.
Analysts advised investors to subscribe to the IPO over strong financials and growing overseas opportunities.
"With the issue fairly valued at a P/E of 7.1x on the upper price band based on FY23 earnings, we recommend investors to subscribe to the issue from a medium to long-term perspective," said Prathamesh Masdekar, Research Analyst, StoxBox.
The company raised Rs 150 crore from 16 anchor investors at the upper price band of Rs 169 apiece.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.
Gandhar Oil is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end-industries. Its product suite comprised over 350 products primarily across the personal care, healthcare and performance oils, lubricants and process and insulating oils divisions under the Divyol brand.
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