Solid Start! Gandhar Oil shares list at 76% premium over IPO price
Gandhar Oil debuted at a premium of 76% (up Rs 129) on NSE in Thursday's trade. The stock listed at Rs 298 on NSE, while on BSE it debuted at Rs 295.4, up 75% over the issue price of Rs 169.
Ahead of the debut, the stock fetched a premium of Rs 72 in the unlisted market.
Gandhar Oil received a better-than-expected subscription demand at 64x for its IPO, mainly on the back of reasonable valuations.
The net proceeds from fresh issuance worth Rs 357 crore will be used towards financing the repayment/pre-payment of a loan facility, purchase of equipment and civil work, expansion in capacity of automotive oil, petroleum jelly, white oils by installing blending tanks, funding working capital requirements and general corporate purposes.
Gandhar Oil is a leading manufacturer of white oils with a growing focus on the consumer and healthcare end-industries.
