Gandhar Oil Refinery India IPO Allotment Status
Gandhar Oil Refinery India IPO Structure
The IPO of Gandhar Oil Refinery India Ltd opened on 22nd November 2023 and closed for subscription on 24th November 2023. The stock of Gandhar Oil Refinery India Ltd has a face value of ₹2 per share and the price band for the book building IPO has been set in the band of ₹160 to ₹169 per share. The final price will be discovered within this band. The IPO of Gandhar Oil Refinery India Ltd will be a combination of a fresh issue and an offer for sale (OFS). The fresh issue portion of Gandhar Oil Refinery India Ltd IPO comprises the issue of 1,78,69,822 shares (178.70 lakh shares approximately), which at the upper price band of ₹169 per share will translate into fresh issue size of ₹302 crore. The offer for sale (OFS) portion of the IPO of Gandhar Oil Refinery India Ltd comprises the sale of 1,17,56,910 shares (117.57 lakh shares), which at the upper price band of ₹169 per share will translate into an offer for sale (OFS) size of ₹198.69 crore.
The OFS selling will be by the promoter shareholders of the company as well as some of the early investor shareholder. Out of the offer for sale of 117.57 lakh shares in the OFS, the promoter shareholders will offer 67.50 lakh shares, while the balance shares will be offered by the investor shareholders. Thus, the overall Gandhar Oil Refinery India IPO will comprise of the issue and sale of 2,96,26,732 shares (296.27 crore shares approximately), which at the upper price band of ₹169 per share will translate into total IPO issue size of ₹500.69 crore.
Subscription update for Gandhar Oil Refinery India IPO?
The net proceeds from the IPO fresh issue portion will be utilized for investing in Texol by way of loan to refinance repayment to Bank of Baroda, capex for purchase of equipment, automotive oil capacity expansion, expansion of the oil and jelly facility at Taloja etc. The IPO will be lead managed by Nuvama Wealth Management and ICICI Securities Ltd. Link Intime India Private Ltd will be the registrar to the issue.
The IPO of Gandhar Oil Refinery India Ltd was overall subscribed 64.07 times, with the maximum subscription coming from the QIB portion, which got subscribed 129.00 times. While the HNI / NII segment got subscribed at a healthy clip of 62.23 times, the retail portion also got subscribed at a relatively healthy clip of 28.95 times. There was no employee quota offered in the IPO of Gandhar Oil Refinery Ltd. Most of the QIB subscriptions came in on last day of IPO, which is the norm. The IPO was open for a period of 3 days in total from November 22, 2023 to November 24, 2023.
When will the basis of allotment be finalized
The first step for checking the allotment status of the IPO online is the completion of the basis of allotment of Gandhar Oil Refinery India Ltd. The basis of allotment will be finalized late on 30th November 2023. The refunds will be initiated by the company on 01st December 2023. The demat credits are expected to happen on 04th December 2023 while the listing of the stock on the NSE and the BSE will happen on 05th December 2023. In between there is a weekend and a holiday so the allotment status gets delayed by a couple of days. However, it looks like the companies are keen to adhere to the new SEBI norm of T+3 listing. That is voluntary as of now but will become mandatory as of the start of December 2023, so most IPO issuers are getting fully prepared for the new system. The adherence has been much more robust among the SME IPOs.
If you have applied for the IPO, you can check your allotment status online. You can either check your allotment status on the BSE website or the IPO registrar, Link Intime India Private Limited. Here are the steps.
Checking the allotment status of Gandhar Oil Refinery on BSE website
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below.
Once you reach the page, here are the steps to follow.
• Under Issue Type – Select Equity Option
• Under Issue Name – Select Gandhar Oil Refinery India Ltd from the drop down box
• Enter the Application Number exactly as in the acknowledgement slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
• Finally click on the Search Button
In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Gandhar Oil Refinery India Ltd allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 04th December 2023.
Checking the allotment status of Gandhar Oil Refinery India Ltd on Link Intime India Private Limited (Registrar to the IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Link Intime India Private Ltd by clicking on the Public Issues link displayed prominently on the home page. It all works the same.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Gandhar Oil Refinery India Ltd from the drop-down box. In the case of Gandhar Oil Refinery India Ltd , data access will be allowed late on 30th of November 2023 or by middle of 01st of December 2023.
• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.
• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.
• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.
• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.
• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.
• Finally, click on the Search button
The IPO status with number of shares of Gandhar Oil Refinery India Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records. The same can be verified with the demat account on 04th December 2023 or after that. The stock is expected to list on 05th December 2023. The only question now is, what determines chances of allocation in the IPO? It boils down to allocation quota and subscription levels.
Allocation quota and subscription levels for Gandhar Oil Refinery India
The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised. For investors it is the quota for the retail and the HNI that really matters.
|Category of Investors
|Allocation of shares under IPO
|Nil shares allocated
|Anchor Allocation Shares
|88,88,018 shares (30.00% of total IPO size)
|QIB Shares Offered
|52,95,346 shares (20.00% of total IPO size)
|NII (HNI) Shares Offered
|44,44,010 shares (15.00% of total IPO size)
|Retail Shares Offered
|1,03,69,356 shares (35.00% of total IPO size)
|Total Shares Offered
|2,96,26,730 shares (100.00% of IPO size)
The next thing to look at is the extent of subscription. The table below captures the extent of oversubscription for each of the categories as well as the overall subscription for Tata Technologies Ltd .
|Qualified Institutional Buyers (QIB)
|S (HNI) ₹2 lakhs to ₹10 lakhs
|B (HNI) Above ₹10 lakhs
|Non Institutional Investors (NII)
Data Source: BSE
The response to the IPO of Gandhar Oil Refinery India Ltd was strong overall, and it was also quite strong for the retail portion and the HNI portions. The retail subscription of 28.95 times gives a good opportunity of allotment in the IPO since the SEBI norms on retail IPO allotment is to allot the basic lot size to as many unique investors as possible. The same can be checked using the allotment checking modus operandi explained above. You just need to wait for the basis of allotment to be finalized.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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