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 June 30, 2022, their 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.
Gandhar is India’s largest manufacturer of white oils by revenue in Financial Year 2022, including domestic and overseas sales and is one of the Top-5 players globally in terms of market share in the calendar year 2021.
The company has 3 main business divisions:
- Personal care, healthcare and performance oils (PHPO): White oils, waxes and jellies.
- Lubricants:Automotive oils and industrial oils.
- Process and insulating oils (PIO): Transformer oils and rubber processing oils.
As of June 30, 2022, their products were sold in over 100 countries across the globe. The company served more than 3500 clients including companies like Procter & Gamble (“P&G”), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare.
Gandhar Oil Refinery India IPO – Details
| IPO Opening Date | 22 November 2023 |
| IPO Closing Date | 24 November 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 2,96,26,732 Shares Worth ₹500.69 Crore Fresh Issue: 1,78,69,822 Shares Worth ₹302.00 Crore Offer For Sale: 1,17,56,910 Shares Worth ₹198.69 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹160 – ₹169 |
| Market Lot | 88 Shares |
| Min Order | 88 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Gandhar Oil Refinery India IPO – Date Schedule
| IPO Open Date | 22 November 2023 |
| IPO Close Date | 24 November 2023 |
| Basis of Allotment Date | 30 November 2023 |
| Initiation of Refund | 01 December 2023 |
| Credit of Shares to Demat Account | 04 December 2023 |
| IPO Listing Date | 05 December 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 24 November 2023 |
Gandhar Oil Refinery India IPO – Lots Size & Price
| 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 |
Competitive Strengths
- Leading market share of the Indian white oils market with significant overseas sales, focused on the consumer and healthcare end-industries;
- Extensive and diversified customer base and a supplier base comprised of leading oil companies with competitive pricing terms;
- Strategically located manufacturing facilities and in-house R&D capabilities;
- Resilient, flexible and scalable business model with prudent risk management framework;
- Track record of consistent financial performance;
Company Promoters
- Mr. Ramesh Babulal Parekh
- Mr. Samir Ramesh Parekh
- Mr. Aslesh Ramesh Parekh
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2020 | 2516.69 | 2502.79 | 14.07 | 130.17 |
| 31 March 2021 | 2242.38 | 2129.40 | 98.49 | 78.74 |
| 31 March 2022 | 3568.80 | 3344.23 | 160.06 | 158.15 |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 6.16 |
| Market Cap (₹ Cr.) | 1654 |
| ROE | 32.28% |
| ROCE | 41.19% |
| Debt/Equity | 0.22 |
| EPS (Rs) | 23.77 |
| RoNW | 32.28% |
Object Of The Issue
- Investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda;
- Capital expenditure through purchase of equipment and civil work required for
- 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; and
- Expansion in capacity of white oils by installing blending tanks at the company’s Taloja Plant;
- Funding working capital requirements of the Company; and
- General corporate purposes.
Gandhar Oil Refinery India IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 2 | Savita Oil Technologies Ltd | 8.25 |
| 2 | 10 | Apar Industries Ltd | 25.71 |
| 3 | 2 | Panama Petrochem Ltd | 9.49 |
| 4 | 10 | Galaxy Surfactants Ltd | 35.37 |
| 5 | 10 | Privi Speciality Chemicals Ltd | 47.21 |
| 6 | 2 | Rossari Biotech Ltd | 42.00 |
| 7 | 10 | Fairchem Organics Ltd | 25.35 |
Gandhar Oil Refinery India IPO Promoter Holding
| Pre Issue Share Holding | 87.50% |
| Post Issue Share Holding | 64.63% |
Gandhar Oil Refinery India IPO Prospectus
Company Contact Information
| Gandhar Oil Refinery India Limited 18th floor, DLH Park, S.V. Road Goregaon (W), Mumbai 400 062 Phone: +91 22 4063 5600 Email: investor@gandharoil.com Website: https://gandharoil.com/ |
Gandhar Oil Refinery India IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: gandharoil.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
Gandhar Oil Refinery India IPO Lead Manager(s)
| 1. ICICI Securities Limited 2. Edelweiss Financial Services Ltd |
Gandhar Oil Refinery India IPO FAQs
| What is Gandhar Oil Refinery India IPO? Gandhar Oil Refinery India IPO is a main-board IPO. The issue is priced at ₹160 to ₹169 per equity share. The IPO is to be listed on BSE & NSE. |
| When Gandhar Oil Refinery India IPO will open? The IPO is to open on 22 November 2023 for QIB, NII, and Retail Investors. |
| What is Gandhar Oil Refinery India IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Gandhar Oil Refinery India IPO? You can apply Gandhar Oil Refinery India IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Gandhar Oil Refinery India IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Gandhar Oil Refinery India”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Gandhar Oil Refinery India IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Gandhar Oil Refinery India”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Gandhar Oil Refinery India IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Gandhar Oil Refinery India”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Gandhar Oil Refinery India IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Gandhar Oil Refinery India”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Gandhar Oil Refinery India IPO Size? Gandhar Oil Refinery India IPO size is ₹500.69 Crore. |
| What is Gandhar Oil Refinery India IPO Price Band? Gandhar Oil Refinery India IPO Price Band is ₹160 to ₹169. |
| What is Gandhar Oil Refinery India IPO Minimum and Maximum Lot Size? The minimum bid is 88 Shares with ₹14,872 amount while the maximum bid is 1144 Shares with ₹1,93,336. |
| What is the Gandhar Oil Refinery India IPO Allotment Date? Gandhar Oil Refinery India IPO allotment date is 30 November 2023. |
| What is the Gandhar Oil Refinery India IPO Listing Date? Gandhar Oil Refinery India IPO listing date is 05 December 2023. The IPO is to list on BSE and NSE. |
