The first-time sale of shares to the public of Gandhar Oil Refinery (India) has ended. Many people were interested in buying the shares, and the final count showed it was 64.07 times oversubscribed on the last day.
The stock market data from NSE tells us that 2,12,43,940 shares were available in the IPO, valued at Rs 500.69 crore.
Surprisingly, there were bids for 1,36,09,99,464 shares, which is 15.25 times more than what was available.
Non-institutional investors showed a lot of interest, subscribing 62.23 times, while retail individual investors subscribed 28.95 times. Eligible institutional buyers had a subscription of 129 times.
In this IPO, new shares worth up to Rs 302 crore were issued, and 1,17,56,910 shares were offered for sale (OFS).
Gandhar Oil Refinery (India) Limited had also received over Rs 150 crore from major investors (anchors) on Tuesday.
People are talking about this in the gray market too. The IPO’s price was set at Rs 160-169 per share, and it’s doing well in the gray market, where it has a premium of Rs 75.
This suggests that when it’s listed, the share might be priced at Rs 244, which is 44.38% more than the IPO price.
Wondering who these anchor investors are? Well, according to the information shared with the stock exchanges,
Gandhar Oil Refinery gave shares to 16 anchor investors, including big names like Morgan Stanley,
Societe Generale, Copthall Mauritius Investment, ICICI Prudential Mutual Fund, HDFC Mutual Fund,
WhiteOak Capital, Ashoka India Equity Investment Trust, Aditya Birla Sun Life Insurance Company, and SBI General Insurance Company.
