Gandhar Oil Refinery files IPO papers with Sebi

According to the draft red herring prospectus, the IPO comprises a fresh issue of equity shares of ₹ 357 Cr. and an offer for sale (OFS) of 1.2 Cr. (12,036,380) shares by the promoters and current shareholders (DRHP). This is anticipated to dilute 25% of the net shareholding, according to market sources. To oversee the company's IPO, Edelweiss Financial Services and ICICI Securities have been chosen as merchant bankers. Promoters Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, along with other shareholders Fleet Line Shipping Services LLC, IDFC First Bank Limited, and Green Desert Real Estate Brokers, are among those selling shares in the OFS. The fresh issue component's proceeds will be used to pay off debt, purchase equipment, and complete the necessary civil work for the Silvassa plant's expansion of its automotive oil capacity, the company's Taloja plant's capacity addition of its petroleum jelly and accompanying cosmetic product division, and the company's Taloja plant's capacity expansion of its white oils by installing new equipment.

Leading producer of white oils, Gandhar Oil Refinery is increasingly focusing on the consumer and healthcare end-industries. The company's product lineup included approximately 350 items as of June 30, 2022, mostly in the personal care, healthcare, and performance oils, lubricants and process and insulating oils divisions under the Divyol Brand.