Shares of Gandhar Oil Refinery (India) Ltd. debuted at Rs 298 apiece on the National Stock Exchange, a premium of 76.33% over the IPO price of Rs 169 apiece.
On the BSE, the stock debuted at Rs 295.4 apiece, at a 74.79% premium.
The shares ended at a premium of 78.3% over the IPO price and ended at Rs 301.40 apiece on NSE.
The state-run company's initial public offering was subscribed 64.07 times on its third and final day.
The bids for Gandhar Oil Refinery were led by institutional investors (129 times), non-institutional investors (62.23 times), and retail investors (28.95 times).
The company planned to raise Rs 500.69 crore via a fresh issue worth Rs 302 crore and an offer for sale of 1.18 crore shares, worth up to Rs 198.69 crore, by the promoter-selling shareholder.
The price band for the IPO was fixed between Rs 160 and Rs 169 per share. At the upper price band, the company is valued at Rs 1,654 crore in market capitalisation.
The company raised Rs 150.2 crore from anchor investors on Tuesday ahead of its initial public offering and allotted 88.88 lakh equity shares at Rs 169 apiece to 16 anchor investors.
Major anchor investors included ICICI Prudential ELSS Tax Saver Fund, HDFC Mutual Fund, Whiteoak Capital Flexi Cap Fund, Morgan Stanley Asia (Singapore) Pte, Societe Generale, and Aditya Birla Sun Life Insurance Co., among others.
Business
Gandhar Oil Refinery is a producer of white oils by revenue, with a growing focus on the consumer and healthcare end-industries. As of June 30, their product suite comprised over 440 products, primarily across the personal care, healthcare and performance oils, lubricants, and process and insulating oil divisions under the “Divyol” brand.
The company's products are used as ingredients by Indian as well as global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power, and tyre and rubber sectors.
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