31 Mar 2021
Assets1,097.70
Total Income2,069.58
Profit After Tax161.14
NET Worth375.76
Reserves and Surplus355.68
Total Borrowing176.78
At a glance
Updated 2026-09-16The shares listed at ₹295.40, a 74.79% move from the issue price. Gandhar Oil Refinery is a Mainboard IPO with an issue size of ₹500.69 crore, proposed for listing on BSE, NSE. The offer opens on 22nd Nov 2023 and closes on 24th Nov 2023. The issue structure includes a fresh issue of ₹302.00 crore and an offer-for-sale component of ₹198.69 crore. The current listing schedule points to 30th Nov 2023.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹500.69 Cr
Fresh issue₹302.00 Cr
Offer for sale₹198.69 Cr
Face value₹2
Price band₹160.00–₹169.00
Allotment28th Nov 2023
Listing30th Nov 2023
Listing performance
Full performance ↗Issue price₹169.00
Listing price₹295.40
Current price—
Listing gain74.79%
Current return—
Price progressionIssue → Listing → Current
Grey market
GMP page ↗Latest GMP₹73.00
GMP / upper price43.20%
Est. listing₹242.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens22nd Nov 2023
Closes24th Nov 2023
Allotment28th Nov 2023
Refund29th Nov 2023
Demat29th Nov 2023
Listing30th Nov 2023
Subscription demand
Full bidding ↗Total65.63×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 88 | ₹14,872 |
Company
Incorporated1992
Use of proceeds
| Object | Amount |
|---|---|
| Investment into Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda | ₹22.71 Cr |
| Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at our Silvassa Plant | ₹27.73 Cr |
| Funding working capital requirements of our Company | ₹185.01 Cr |
| General corporate purposes | ₹27.65 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue1,071.52₹ Cr · -73.9% vs prior year
PAT54.28₹ Cr · -74.5% vs prior year
Assets1,795.57₹ Cr · +11.3% vs prior year
Net Worth810.79₹ Cr · +6.7% vs prior year
Borrowing335.62₹ Cr · +98.0% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2022
Assets1,318.21
Total Income3,397.98
Profit After Tax184.30
NET Worth560.71
Reserves and Surplus529.07
Total Borrowing158.16
31 Mar 2023
Assets1,613.44
Total Income4,101.79
Profit After Tax213.18
NET Worth760.21
Reserves and Surplus719.19
Total Borrowing169.53
30 Jun 2023
Assets1,795.57
Total Income1,071.52
Profit After Tax54.28
NET Worth810.79
Reserves and Surplus763.99
Total Borrowing335.62
KPIs
| KPI |
|---|
| ROE |
| ROCE |
| Debt / Equity |
| RoNW |
| PAT Margin |
Valuation & shareholding
Pre-IPO EPS23.77
Post-IPO P/E6.16
Promoter holding pre87.5%
Promoter holding post64.63%
Market cap₹1654.00 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Gandhar Oil Refinery (India) IPO | — | 10.25 x | — | — |
| GSP Crop IPO | — | 9.18 x | — | — |
| Advance Agrolife IPO | — | 25.07 x | — | — |
| Gem Aromatics IPO | — | 31.80 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| BRLMs’ fees and commissions (including underwriting commission, brokerage and selling commission) | ₹16.25 Cr |
| Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by RIBs | ₹8.72 Cr |
| Brokerage and selling commission and bidding/uploading charges for members of the Syndicate (including their sub-Syndicate Members), Registered Brokers, RTAs and CDPs | ₹0.74 Cr |
| Fees payable to the Registrar to the Offer | ₹1.33 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹2.46 Cr |
| Printing and stationery expenses | ₹1.23 Cr |
| Advertising and marketing expenses | ₹2.31 Cr |
| Fees payable to legal counsels | ₹4.29 Cr |
| Miscellaneous | ₹1.57 Cr |
Registrar & lead managers
Registrar
MUFG Intime India Pvt.Ltd.Lead managers
- ICICI Securities Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-16.
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