Gandhar Oil Refinery India IPO will open for subscription from 21 November 2023. The company aims for an issue size of ₹500 Cr through this IPO.
Company Overview
| Full name | Gandhar Oil Refinery India Limited |
| Sector | Automobiles & Ancillaries |
| Industry | Lubricants |
| Company Website | https://gandharoil.com/ |
About Company
Gandhar Oil Refinery is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end industries. As of 30 June 2022, its product suite comprised over 350 products primarily across the personal care, healthcare, and performance oils (PHPO), lubricants, and process and insulating oils (PIO) divisions under the ‘Divyol’ brand.
The products are used as ingredients by leading Indian and global companies to manufacture end products for the consumer, healthcare, automotive, industrial, power, tyre, and rubber sectors. The company’s pro forma consolidated revenue from operations grew at a CAGR of 49.68% between the FY 2020 and 2022, which was the highest CAGR among selected specialty oil peers, and second highest CAGR growth among selected specialty chemical peers.
As of 30 June 2022, its products were sold in over 100 countries across the globe. Gandhar Oil catered to over 3,529 customers in the 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, supported by our global supplier base and manufacturing operations in India and UAE. The product categories and primary end-industries for its three main business divisions are as follows:
- Personal Care, Healthcare, and Performance Oils (PHPO)
- Lubricants
- Process and Insulating Oils (PIO)
The Objectives of the Issue
- Expansion in capacity of automotive oil at the company’s Silvassa Plant;
- Expansion in the capacity of petroleum jelly and accompanying cosmetic product division at the company’s Taloja Plant;
- Expansion in the capacity of white oils by installing blending tanks at the company’s Taloja Plant;
- Funding working capital requirements of the Company;
- General corporate purposes.
Gandhar Oil Refinery India IPO Timetable
| IPO Opening date | 22 November 2023 |
| IPO Closing | 24 November 2023 |
| Basis of Allotment | 30 November 2023 |
| Initiation Refund | 01 December 2023 |
| Credit to Demat Account | 04 December 2023 |
| Listing Date | 05 December 2023 |
Gandhar Oil Refinery India IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹500.69 Cr – 29,626,732 shares |
| Fresh Issue | ₹302.00 Cr – 17,869,822 shares |
| Offer for sale | ₹198.69 Cr – 11,756,910 shares |
| Face value | ₹2 per share |
| Price Band | ₹160 to ₹169 per share |
| Lot size | 88 Shares |
| Shareholding pre-issue | 80,000,000 |
| Shareholding post-issue | 97,869,822 |
| Listing Exchange | BSE & NSE |
Gandhar Oil Refinery India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 88 | ₹14,872 |
| Retail (Max) | 13 | 1144 | ₹193,336 |
| S-HNI (Min) | 14 | 1,232 | ₹208,208 |
| S-HNI (Max) | 67 | 5,896 | ₹996,424 |
| B-HNI (Min) | 68 | 5,984 | ₹1,011,296 |
Gandhar Oil Refinery India IPO Reservation Details
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Gandhar Oil Refinery India Financial Performance
| FY 2020 | FY 2021 | FY 2022 | Q1 FY 2023 | |
| Revenue | 2,503.63 | 2,220.80 | 3,543.32 | 883.94 |
| Expenses | 2,502.79 | 2,129.41 | 3,344.23 | 803.08 |
| Net income | 9.86 | 100.13 | 147.21 | 58.11 |
| Margin (%) | 0.39 | 4.51 | 4.15 | 6.57 |
Gandhar Oil Refinery India Valuations & Margins
| FY 2020 | FY 2021 | FY 2022 | |
| EPS | 1.23 | 12.52 | 18.40 |
| PE ratio | – | – | – |
| RONW (%) | 2.87 | 25.33 | 32.53 |
| NAV | 43.25 | 55.56 | 70.03 |
| ROCE (%) | 13.73 | 30.00 | 42.12 |
| EBITDA (%) | 2.41 | 6.24 | 6.94 |
| Debt/Equity | 0.38 | 0.18 | 0.28 |
Company Promoters
- Mr Ramesh Babulal Parekh
- Mr Samir Ramesh Parekh
- Mr Aslesh Ramesh Parekh
Promoter Holding
| Pre Issue Share Holding | 87.50% |
| Post Issue Share Holding | – |
Gandhar Oil Refinery India IPO Lead Manager(s)
- Edelweiss Financial Services Ltd
- ICICI Securities Limited
Gandhar Oil Refinery India Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: gandharoil.ipo@linkintime.co.in
Website: www.linkintime.co.in
Gandhar Oil Refinery India Contact Details
GANDHAR OIL REFINERY (INDIA) LIMITED
18th floor, DLH Park, S.V. Road,
Goregaon (W), Mumbai 400 062, Maharashtra
Phone: +91 22 4063 5600
Email: investor@gandharoil.com
Website: www.gandharoil.com
Gandhar Oil Refinery India IPO Allotment Status
Gandhar Oil IPO allotment status will be available on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Final thoughts
Gandhar Oil Refinery India IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. study well about the company and subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.
Happy Investing
