© Reuters.
Gandhar Oil Refinery, one of India’s leading manufacturers of white oils, has allocated shares to anchor investors ahead of its Rs 500-crore ($67 million) initial public offering (IPO), which will open for subscription from November 21 to November 23. The IPO, managed by ICICI Securities and Edelweiss Financial Services, includes a fresh equity issue of Rs 357 crore ($48 million) and an offer for sale (OFS) of Rs 143 crore ($19 million) by stakeholders such as Kailash Parekh, Green Desert Real Estate, and Fleet Line Shipping.
The proceeds from the IPO will be used to repay loans, procure equipment and civil work, expand capacity for automotive oil, petroleum jelly, white oils under the Divyol brand, meet working capital requirements, and fund corporate activities. Gandhar Oil is the top white oils manufacturer in India by FY22 revenue and ranks among the top five global players.
The company operates three facilities in locations including the Union Territory of Silvassa and Sharjah with a total production capacity of 522,403 KL. Half of the offer is reserved for qualified institutional buyers while 35% is set aside for retail investors.
The IPO comes as part of Gandhar Oil’s broader strategy to expand its footprint in the global white oils market. The company’s strong position in the domestic market and its ambitious growth plans are likely to attract significant investor interest in the upcoming public offering.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
