Specialty Oils / White Oils & Petroleum - Listed on 30 November 2023
Gandhar Oil Refinery (India) (Specialty Oils / White Oils & Petroleum) closed its IPO window in 2023 and listed on NSE and BSE on 30 November 2023 at an upper band issue price of Rs 169, opening at Rs 298 for a listing gain of +76.3% and closing day one at Rs 301.4 (+78.3% on closing basis). The IPO was subscribed 64.05x overall - QIB 129.00x, HNI/NII 62.23x, Retail 28.92x. The total issue size was Rs 500.69 Cr (Fresh Issue Rs 302 Cr, OFS Rs 198.69 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Specialty Oils / White Oils & Petroleum
Gandhar Oil Refinery (India) operates in the Specialty Oils / White Oils & Petroleum space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Gandhar Oil Refinery (India) issue was offered at an upper price of Rs 169 and raised approximately Rs 500.69 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 52 | +30.77% |
| Day 2 | Rs 55 | +32.54% |
| Day 3 | Rs 60 | +35.50% |
| Day 4 | Rs 65 | +38.46% |
| Day 5 | Rs 70 | +41.42% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Gandhar Oil Refinery (India) IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Gandhar Oil Refinery (India) IPO listed at +76.3% versus the upper issue price of Rs 169 on 30 November 2023.
Gandhar Oil Refinery (India) IPO was subscribed 64.05x overall. QIB portion was subscribed 129.00x, HNI / NII 62.23x and Retail 28.92x.
IPO GMP started at Rs 52 on Day 1 and moved to Rs 70 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.