Stellar Listing: Gandhar Oil lists at ₹298, premium of 76.3% to IPO price
₹298 apiece on National Stock Exchange (NSE), a premium of 76.33% to the issue price of ₹169. The stock further jumped to ₹344 levels in minutes after hitting the secondary market, indicating a stellar premium of 103% over the issue price. The ₹500.69 crore IPO was open for subscription between November 22 and November 24, at a price band in the range of ₹160–169 per share.
The IPO contains a fresh issue of ₹302 crore and the OFS of ₹198.69 crore. The issue was overall subscribed to 64 times. The issue received a stellar response from retail investors whose portion set was subscribed to 29 times and a solid response from non-institutional buyers whose portion set was subscribed to 62.23 times, according to data on Trendlyne.
The qualified institutional buyers (QIBs) portion was subscribed to 129 times. Also Read: Gandhar Oil Refinery India IPO: 10 key risk factors you should know before investing For instance, if a retail investor were allotted shares of the company, the investment would now be valued at around ₹30,272 (344*88) as the minimum lot for the retail portion was set at 88 shares. Taking the initial investment into account of ₹14,872 (169*88), the net profit would amount to ₹15,400 or an impressive 103%.
Read more on livemint.com
