Gandhar Oil Refinery IPO continued to receive a robust response from investors. The issue was subscribed to 52.56 times at 3:30 pm on the third day of bidding, November 24, 2023. It has received bids for 109 crore shares against 2.07 crore shares on offer.
The company plans to utilise IPO proceeds to meet capital working requirements of the company, reduce debt availed by Texol, and use towards expansion of automotive oil capacities at Silvassa plant
Gandhar Oil is looking to raise 302 crore via fresh share sale, while its promoters and other selling shareholders will offload up to 1,17,56,910 shares via offer-for-sale.