Gandhar Oil IPO Day 2: Issue subscribed 15.27 times, retail portion booked 17.27x; check overall subscription

livemint.com:

BSE. On the first day of bidding, the issue was fully subscribed with bids coming in for 89 million shares as against a total of 21 million offered shares. The public issue was subscribed by a total of 4.2 times led by retail and non-institutional investors (NIIs), as of 3:15 pm.

While NIIs booked 5.56x of the public issue, retail investors booked 5.23x, data suggested. Qualified institutional buyers (QIBs) subscribed 1.3x of issue portion on day 1 of the IPO subscription, showed data. Gandhar Oil has raised ₹150 crore from 16 anchor investors on November 21, a day before its initial public offering (IPO) set to open for bidding, at the allocation price of ₹169 per equity share.

Around 47.58% of the total allocation of equity shares to anchor investors have been allocated to 3 domestic mutual funds, applied through 7 schemes on Tuesday, which is worth ₹71 crore. The IPO share price has been set in the range of ₹160 to ₹169 per equity share of face value of ₹2. The floor price is 80 times the face value of the equity shares and the cap price is 84.50 times the face value of the equity shares.

Gandhar Oil IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors. According to the Red Herring Prospectus (RHP), Promoter Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh would each sell 2,250,000 equity shares. Other selling shareholders are Green Desert Real Estate Brokers, who will offload 3,000,000 equity shares, and Denver Bldg Mat & Décor TR LLC would offer 1,000,000 equity shares.