Gandhar Oil Refinery is into Consumer-Specialty Oil and is looking raise funds through Fresh Issue and Offer for Sale
Gandhar Oil Refinery IPO is a public offering of shares by Mr. Ramesh Babulal Parekh, Mr. Samir Ramesh Parekh and Mr. Aslesh Ramesh Parekh. The IPO will open on November 22 and will close on November 24. The price band is ₹160 to ₹169 per share and the lot size is 88 shares. The issue size is ₹500.69 crore. The shares are expected to be listed on NSE, BSE on December 05 (^). Some additional information that you may find useful are: The Personal care, healthcare and performance oils (PHPO) division is largest business division and contributed to ₹5,525.78 million or 56.29% in Q1FY24 and ₹20,982.98 million or 54.96% in FY23. Segment wise share of revenue for FY23 for PHPO / Lubricants / Process and insulating oils (PIO) / Channel partners at 54.96% / 25.03% / 9.51% / 10.5%.: (**) - based on higher price band (^) indicative date
Promoters of the company are Mr. Ramesh Babulal Parekh, Mr. Samir Ramesh Parekh and Mr. Aslesh Ramesh Parekh Currently promoters hold 87.5% stake in the company.
Quick Pointers
- Company aims to raise between Rs 490 to 501 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Investment into Texol by way of a loan for financing the repayment/pre-payment of a loan availed by Texol from the Bank of Baroda - Rs22.7 cr and 2) Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at Silvassa Plant - Rs27.7 cr
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 21-Nov-23.
- Price band for the IPO has been fixed at Rs 160 to 169 per share and bid lot are in multiple of 88 shares. The implied market cap post-issue at Rs 1,582 to 1,654 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on November 30 and share are expected to be listed on NSE, BSE on December 05.
- Company has direct competition in the Specialty Oil space with listed peers like Savita Oil Technologies, Apar Industries , Panama Petrochem, Galaxy Surfactants, Privi Speciality Chemicals, Rossari Biotech, Fairchem Organics amongst others.
- Nuvama Wealth Management, ICICI Securities has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.
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About Company
Gandhar Oil Refinery is supplier of consumer and healthcare raw materials to end-industries. Product portfolio is of over 440 products primarily across the personal care, healthcare and performance oils, lubricants and process and insulating oils divisions and sells under the “Divyol” brand. Company is India’s largest manufacturer of white oils by revenue in Financial Year 2023, including domestic and overseas sales and is one of the top five players globally in terms of market share in the CY22.
The Personal care, healthcare and performance oils (PHPO) division is largest business division and contributed to ₹5,525.78 million or 56.29% in Q1FY24 and ₹20,982.98 million or 54.96% in FY23. Segment wise share of revenue for FY23 for PHPO / Lubricants / Process and insulating oils (PIO) / Channel partners at 54.96% / 25.03% / 9.51% / 10.5%.
About Industry
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About Industry
The global specialty oil market value, estimated at $129.90 billion in 2023, is expected to grow to $154.0 billion by 2028, at a CAGR of 3.5%. The Indian specialty oil market is estimated to be $7.33 billion in 2023 and reach $9.30 billion by 2028, at a CAGR of 4.9%. White oil is expected to be the fastest-growing segment over the forecast period, given the favourable outlook for end-user industries amid rising focus on product safety and awareness about health and hygiene (Source: CRISIL Report; also see “Industry Overview – Overview of the Indian specialty oil industry” on page 170).
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