Gandhar Oil Refinery (India) IPO
Gandhar Oil Refinery (India) Limited (GANDHAR) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 30 November 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +47.3% (likely range +11% to +53%), day's high +52.8%, chance of a gain 92%. Actual: +76.3% at the open, +103.6% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 59,27,984 | 76,47,13,136 | 129x | |
| NII (HNI) total | 45,94,787 | 28,59,33,824 | 62.2x | |
| Big NII (above ₹10 lakh) | 30,63,191 | 18,34,63,808 | 59.9x | |
| Small NII (₹2-10 lakh) | 15,31,596 | 10,24,70,016 | 66.9x | |
| Retail | 1,07,21,169 | 31,03,64,824 | 28.9x | |
| Total | 2,12,43,940 | 1,36,10,11,784 | 64.1x |
Bids on NSE and BSE together, as published by NSE, as of 24 Nov 2023, 07:00 PM. Shares offered exclude the anchor portion. 20% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Gandhar Oil Refinery (India)'s, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| EMSSep 2023 | 153x | 82.3x | 29.8x | 75.3x | ₹322 Cr | +33.7% | +37.9% |
| Harsha Engineers InternationalSep 2022 | 178x | 71.3x | 17.6x | 74.7x | ₹794 Cr | +36.4% | +59.9% |
| Senco GoldJul 2023 | 181x | 65.0x | 15.5x | 73.4x | ₹427 Cr | +35.6% | +40.1% |
| Cyient DLMJun 2023 | 90.4x | 45.1x | 49.2x | 67.3x | ₹629 Cr | +52.1% | +61.1% |
| IKIO LightingJun 2023 | 164x | 63.4x | 13.9x | 66.3x | ₹615 Cr | +37.7% | +50.0% |
| Vishnu Prakash R PungliaAug 2023 | 172x | 111x | 32.0x | 87.8x | ₹309 Cr | +66.7% | +66.7% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and ICICI Securities | 35 | +11.9% | 66% |
Offer documents (NSE)
Frequently asked
What is the Gandhar Oil Refinery (India) IPO price band and lot size? ₹160–169 per share, with a lot of 88 shares, so the smallest retail bid is ₹14,872.
How many times has it been subscribed? 64.1x overall: QIB 129x, NII 62.2x, retail 28.9x.
How did it list? It opened at ₹298, +76.3% against the issue price of ₹169, and closed its first day +78.3%.
