Gandhar Oil Refinery (India)
Book Building issueMainboard₹501 Cr issue
+74.79%
Listing gain over issue price
Issue size
₹501 Cr
1 lot at cut-off
₹14,872
Lot size
88shares
Open
22 Nov 2023
Close
24 Nov 2023
Allotment
28 Nov 2023
Listing
30 Nov 2023
Listing performance
Issue price
₹169
Listed at
₹295.40
Listing-day close
₹301.50
Latest price
₹293
Close on 23 Oct 2026
Listing gain
+74.79%
Return since issue
+73.37%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Nov 2023 – 24 Nov 2023
- Listing date
- 30 Nov 2023
- Face value
- ₹2 per share
- Issue price
- ₹169 per share
- Lot size
- 88 shares
- Issue type
- Book Building issue
- Total issue size
- ₹501 Cr
- Market cap at offer price
- ₹1,654 Cr
- Promoter holding
- 87.50% → 64.63% pre-issue → post-issue
- ISIN
- INE717W01049
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 18th floor, DLH Park, S.V.Road, Goregaon (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 88,88,018 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 88 shares per lot, in multiples, at ₹169
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 88 | ₹14,872 |
| Retail (max) | 13 | 1,144 | ₹1,93,336 |
| S-HNI (min) | 14 | 1,232 | ₹2,08,208 |
| S-HNI (max) | 67 | 5,896 | ₹9,96,424 |
| B-HNI (min) | 68 | 5,984 | ₹10,11,296 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
88,88,018
Anchor portion
₹150 Cr
at ₹169 per share
Valuation and performance
Valuation at offer price
₹169 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 23.77 | — |
| P/E (×) | 7.11 | — |
| Market cap | — | ₹1,654 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.28%
- ROCE
- 41.19%
- Debt / equity
- 0.22
- PAT margin
- 5.20%
- NAV per share
- ₹95.03
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Gandhar Oil Refinery (India)
Gandhar Oil Refinery (India) Limited, incorporated in October 1992 and headquartered in Mumbai, is a leading manufacturer of white oils with a growing focus on consumer and healthcare end-industries. As of June 30, 2023, the company's product suite comprises over 440 products primarily across personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO) divisions under the 'Divyol' brand. The company is India's largest manufacturer of white oils by revenue in Financial Year 2023 (including domestic and overseas sales) and ranks among the top five players globally in terms of market share in calendar year 2022. The company manufactures at three plants: Taloja (Maharashtra), Silvassa (Daman and Diu), and Sharjah (UAE). Historically, the company also operated a coal trading business through Gandhar DMCC, which was divested in FY2022 to focus on specialty oils.
Company Analysis
from RHPGandhar Oil Refinery is India's largest manufacturer of white oils by revenue, producing specialty oils across personal care, healthcare, performance, lubricants, and process/insulating oils divisions.
Gandhar Oil Refinery (India) Limited, incorporated in October 1992 and headquartered in Mumbai, is a leading manufacturer of white oils with a growing focus on consumer and healthcare end-industries. As of June 30, 2023, the company's product suite comprises over 440 products primarily across personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO) divisions under the 'Divyol' brand. The company is India's largest manufacturer of white oils by revenue in Financial Year 2023 (including domestic and overseas sales) and ranks among the top five players globally in terms of market share in calendar year 2022. The company manufactures at three plants: Taloja (Maharashtra), Silvassa (Daman and Diu), and Sharjah (UAE). Historically, the company also operated a coal trading business through Gandhar DMCC, which was divested in FY2022 to focus on specialty oils.
specialty chemicalswhite oils manufacturinglubricantspersonal carehealthcareautomotive lubricantsindustrial oils
Objects of the Issue
- 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 ₹227.13 million p.20
- Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at Silvassa Plant ₹277.29 million p.20
- Funding working capital requirements ₹1,850.08 million p.20
- General corporate purposes p.20
- Investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda p.69
- Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at our Silvassa Plant p.69
- Funding working capital requirements of our Company p.70
- General corporate purposes p.70
- Investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda ₹227.13 million p.133
- Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at our Silvassa Plant ₹277.29 million p.133
- Funding working capital requirements of our Company ₹1,850.08 million p.133
- General corporate purposes p.133
- Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at Silvassa Plant ₹277.29 million (or ₹227.29 million as stated in one instance) p.212
- General corporate purposes p.212
- Repayment of borrowings p.474
- Capital expenditure for expansion in capacity of automotive oil at Silvassa Plant ₹277.29 million p.474
- General corporate purposes p.474
- Funding for capital expenditure (capex) as detailed in the Objects of the Offer section ₹3,020 million (Fresh Issue component) p.569
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹3,020 million
- Offer for Sale
- Up to 11,756,910 Equity Shares aggregating up to ₹[●] million
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹2 per Equity Share
Business Model
The company generates revenue through manufacturing and selling specialty oil products across three primary divisions: (1) Personal Care, Healthcare and Performance Oils (PHPO) - which contributed 54.96% of pro forma consolidated revenue from finished goods sold in FY2023 and serves consumer, healthcare, plastics, chemicals, textiles and fragrance industries; (2) Lubricants - serving automobile and industrial machines/equipment sectors; (3) Process and Insulating Oils (PIO) - for transformer manufacturers, power generation/distribution, and tyre/rubber manufacturers. The company sells domestically and internationally, with 53.02% of pro forma consolidated revenue from operations in FY2023 undertaken in foreign currencies, primarily USD.
Business Segments
Manufactures white oils, jellies, waxes and other specialty oils for personal care, healthcare, plastics, chemical, textiles and fragrance industries
Manufactures automotive oils, industrial oils and other lubricant products for automobile and industrial machines/equipment sectors
Manufactures transformer oils, rubber processing oils and other process/insulating oils for transformer manufacturers, power generation/distribution, and tyre/rubber product manufacturers
Manufacturing and sale of specialty oils and lubricants for automotive, industrial and consumer applications
Mineral oils refined to be pure, stable, colourless, odourless, and non-toxic used in pharmaceuticals, personal care products, and food processing
Lubricants for automotive applications including engine oils, transmission fluids, and related products
Oils used in industrial applications including greases, hydraulic fluids, and related products for manufacturing
Oils used in transformers to prevent arcing and dissipate heat, improving electrical insulation
Petroleum-based product used in pharmaceutical, cosmetic, food, leather, and shipping industries
Manufactures white oils, waxes and jellies used as ingredients in consumer products including beauty & personal care (cosmetics, skincare, hair products), pharmaceuticals, plastics, chemicals, textiles and fragrances. PHPO division contributed 54.96% of consolidated revenue from finished goods sold in FY2023.
Manufactures automotive oils and industrial oils for automobile and industrial machinery applications. Used in automotive applications including engine oils, passenger car oils, shock absorber oils, brake fluids, motorcycle oils, and industrial operations providing lubrication and temperature maintenance.
Manufactures transformer oils for power generation and distribution, and rubber processing oils for tyre and rubber product manufacturing. Transformer oils serve dual purposes of providing liquid insulation and acting as coolant in transformers and power distribution equipment.
Manufacturing and trading of white oils, a specialty petroleum product used in pharmaceuticals, cosmetics and other applications
Manufacturing of automotive lubricants, industrial oils, and specialty lubricants for various end-use applications
Manufacturing of transformer oils, beauty products, and other specialty chemical products for pharmaceuticals and cosmetics sectors
Manufacturing and trading of specialty oils including liquid paraffin, industrial oil and greases, transformer oils, petroleum jelly, automotive lubricants, rubber processing oils and other petrochemical products
Trading of non-coking coal
Providing logistics services including cargo handling and freight services through subsidiary Gandhar Shipping and Logistics Private Limited
Manufacturing of Specialty Oils and Trading of Specialty Oils
Trading of Non-coking Coal; Logistics Support Services (Cargo handling and Transportation)
Consignment and Del-credere Agency; Trading of Polymer products, Gypsum, PVC
Manufactures white oils, waxes and jellies for consumer, healthcare, plastics, chemical, textiles, and fragrance industries
Manufactures automotive oils and industrial oils for automobile and industrial machines and equipment sectors
Manufactures transformer oils and rubber processing oils for transformer manufacturers, power generation/distribution, and tyre and rubber product manufacturers
Distribution through channel partners across all product categories
Manufacture and sale of specialty oils used as ingredients in topical ointments, healthcare products, and industrial applications
Freight and other service income
SWOT Analysis
Strengths
- • Leading manufacturer of white oils in India by revenue with strong market position globally(p.19)
- • Diversified product portfolio across multiple high-value end-industries(p.19)
- • Strong revenue growth trajectory with CAGR of 40.78% from FY2021 to FY2023(p.41)
- • Positioned in high-growth Indian specialty oils market with white oil being fastest-growing segment(p.19)
- • Established employee base with manageable attrition(p.48)
- • Secured credit ratings reflecting low credit risk(p.50)
- • Strong revenue growth and market penetration in specialty oils(p.51)
- • Diversified geographic revenue base(p.73)
- • Strategic approval to exit coal business and focus on specialty oils(p.55)
- • Leading market share in Indian white oils with significant overseas sales(p.144)
- • Extensive and diversified customer base with leading oil company suppliers(p.144)
- • Strategically located manufacturing facilities with in-house R&D capabilities(p.144)
- • Resilient, flexible and scalable business model with prudent risk management(p.144)
- • Track record of consistent financial performance(p.144)
- • Leading market position in Indian white oil market with significant global presence(p.208)
- • Diversified product portfolio across high-growth consumer and healthcare segments(p.214)
- • Strong overseas presence with 53.32% revenue from 100+ countries(p.215)
- • Extensive customer base with high repeat order rate and long-standing marquee relationships(p.235)
- • Multiple manufacturing facilities with capacity for domestic and international operations(p.216)
- • Strong financial performance with highest ROE among peers(p.218)
- • In-house R&D capabilities with DSIR registration(p.212)
- • Premium quality certifications including ISO, FDA, WHO GMP, halal and kosher(p.212)
- • Market leadership in white oil segment with ~26.5% domestic market share(p.238)
- • Multiple international quality certifications and accreditations(p.237)
- • Strong employer brand and employee recognition(p.237)
- • Established R&D capabilities with DSIR recognition(p.237)
- • Export house recognition and foreign exchange earnings(p.237)
- • Comprehensive environmental and safety infrastructure(p.238)
- • Established trademark portfolio including international registrations(p.237)
- • Diversified business segments across specialty oils, coal trading, and logistics(p.300)
- • Established manufacturing facilities in strategic locations(p.300)
- • Controlled subsidiaries providing vertical integration in logistics(p.300)
- • International presence through overseas subsidiaries for product distribution(p.300)
- • Established manufacturing and trading operations in specialty oils with growing revenue(p.422)
- • Diversified geographic revenue base with significant overseas market exposure(p.381)
- • Profitable operations with positive consolidated profit after tax(p.419)
- • Subsidiary company (Texol Lubritech FZC) generates significant revenue and earnings(p.409)
- • Strong asset base and operational infrastructure including manufacturing facilities(p.422)
- • Leading white oils manufacturer by revenue in India with significant global presence(p.470)
- • Strong revenue growth trajectory with high CAGR among peers(p.471)
- • Diversified and loyal customer base with leading global and Indian companies(p.473)
- • Multiple certified manufacturing facilities with advanced capabilities across India and UAE(p.474)
- • Strong return on equity and capital efficiency metrics(p.471)
- • Established relationships with leading global base oil suppliers with favorable annual contracts(p.473)
- • Strong revenue growth in specialty oils business(p.516)
- • Improved operational efficiency reducing freight and transportation costs(p.517)
- • Inventory optimization driving storage cost reduction(p.517)
- • Restated profit after tax growth of 30.32%(p.517)
- • Export recognition as Four Star Export House(p.546)
Weaknesses
- • High dependence on PHPO division which represents 54.96% of revenue and consumer/healthcare end-industries represent 38.11% of revenue(p.39)
- • High exposure to raw material cost fluctuations with 72.57% of materials sourced from imports(p.42)
- • Significant concentration of base oil sourcing from South Korea and GCC region(p.44)
- • Significant working capital requirement with 31.12 days working capital cycle in FY2023(p.45)
- • Relatively low capacity utilization at Sharjah Plant(p.47)
- • Promoters and company involved in regulatory investigations by Enforcement Directorate and CBI(p.43)
- • High supplier concentration risk(p.49)
- • Rising working capital cycle requirements(p.50)
- • High inventory levels and associated spoilage risks(p.56)
- • Dependence on contract labor with associated skill and availability risks(p.48)
- • Continuing obligations and contingent liabilities from divested coal business(p.48)
- • Unable to trace certain regulatory documents and filings(p.58)
- • Pending litigation involving company and promoters(p.52)
- • Dependence on Promoter-group transportation and real estate(p.56)
- • Unable to trace certain historical documents and regulatory filings(p.53)
- • Shareholder fund distribution complications from IDFC S.P.I.C.E Fund in-specie distribution(p.75)
- • High concentration of shareholding among promoter group(p.113)
- • Dependence on Material Subsidiary Texol with significant loan exposure(p.135)
- • Concentration of raw material sourcing from two regions(p.228)
- • Capacity underutilization at Sharjah Plant(p.227)
- • Dependence on state electricity supply with limited backup generation(p.231)
- • Exposure to commodity price volatility in raw material costs(p.189)
- • Concentration of property interests with promoters requiring renewal(p.240)
- • High employee attrition in recent periods(p.239)
- • Dependence on contract workforce subject to seasonality(p.239)
- • Promoter guarantees on significant borrowing facilities(p.256)
- • Exposure to Coal Trading Business contingent liabilities despite divestment(p.255)
- • High dependence on related party borrowings for working capital(p.347)
- • Significant concentration of trade receivables in few major customers(p.328)
- • Substantial portion of inventories concentrated in raw materials(p.327)
- • High leverage with current borrowings significantly increased(p.347)
- • Pending litigation with tax authorities across multiple jurisdictions(p.373)
- • Increased debt-to-equity ratio indicating higher leverage(p.406)
- • Unfunded gratuity obligation creates contingent liability exposure(p.374)
- • Growing provisions for doubtful debts indicating collection challenges(p.394)
- • Loss of coal trading business and divestment of overseas subsidiary reduced portfolio(p.422)
- • Significant dependence on small number of customers generating material revenue concentration risk(p.472)
- • High financial leverage with substantial current and non-current borrowings(p.465)
- • Significant exposure to foreign exchange fluctuations in key operations(p.478)
- • High dependence on imported raw materials with concentration among limited suppliers(p.476)
- • Operating performance heavily dependent on capacity utilization across geographies(p.477)
- • High finance costs increased by 62.34%(p.517)
- • Significant short-term borrowings of ₹3,200.37 million(p.523)
- • High contingent liabilities totaling ₹2,772.92 million(p.524)
- • Substantial litigation and regulatory proceedings pending(p.527)
- • Material directional litigation involving promoters(p.540)
Opportunities
- • Expanding Indian specialty oils market projected to grow from $7.33 billion (2023) to $9.30 billion (2028) at 4.9% CAGR(p.19)
- • Global specialty oils market growth from $129.90 billion (2023) to $154.0 billion (2028) at 3.5% CAGR(p.19)
- • Capacity expansion planned at Silvassa Plant for automotive oils to capture growing demand(p.20)
- • Growing focus on product safety and health and hygiene awareness driving demand for specialty oils(p.19)
- • Capital expansion capacity at Silvassa Plant(p.60)
- • Increased market presence through distributor network expansion(p.58)
- • International market expansion(p.73)
- • Texol subsidiary growth in specialty lubricants(p.55)
- • Growing specialty oils market demand(p.69)
- • Global white oil market fastest growing segment at 8.1% CAGR through 2028(p.167)
- • APAC specialty oil market growing at 4.2% CAGR, fastest among regions(p.165)
- • Capacity expansion in automotive oils at Silvassa Plant(p.137)
- • Rising demand for white oils from pharma and personal care sectors(p.167)
- • India positioned to benefit from supply chain diversification away from China(p.162)
- • India to remain fastest-growing major economy at 6% in FY24(p.163)
- • White oil market growing at 9.9% CAGR with focus on consumer and healthcare(p.212)
- • Consumer product segment expected to grow 9.1% CAGR through 2028(p.218)
- • Healthcare segment to reach $0.340 billion by 2028 with 11% CAGR(p.218)
- • Pharmaceutical industry growth driven by government PLI scheme(p.212)
- • Expansion opportunities in overseas markets and new geographies(p.219)
- • Growing demand for supply chain derisking strategy in favor of Indian manufacturers(p.185)
- • Expansion of white oil manufacturing capacity and market share(p.238)
- • Growing automotive lubricants market segment(p.238)
- • International expansion through existing UAE operations(p.252)
- • Diversification into specialty chemicals and pharmaceuticals(p.249)
- • Leveraging subsidiary expansion for product distribution network(p.252)
- • Expansion into overseas markets through existing international subsidiary network(p.300)
- • Growth in specialty oils and lubricants manufacturing capacity(p.317)
- • Vertical integration through logistics subsidiary to capture supply chain value(p.300)
- • Expansion through overseas subsidiary (Texol Lubritech FZC) generating growing profits(p.409)
- • Growing revenue from operations indicating market demand expansion(p.419)
- • New joint venture entity Texol Oil FZC established for additional product portfolio(p.422)
- • Increased investment in capital work-in-progress for capacity expansion(p.417)
- • High-growth white oils market segment with strong tailwind from consumer and pharmaceutical sectors(p.474)
- • Significant geographic expansion opportunity with growing overseas demand across multiple regions(p.473)
- • Planned capacity expansion to capture growing demand for automotive oils(p.474)
- • Opportunity to increase wallet share with existing customers across new geographies and product categories(p.476)
- • Growing specialty oils market with sustained expansion in diverse end-industries(p.474)
- • Expansion of specialty oils business division(p.516)
- • Seasonal demand uplift in winter season(p.526)
- • Geographic diversification of overseas sales(p.526)
- • Interest income growth from 15% to 22%(p.516)
Threats
- • Volatile raw material prices linked to crude oil price fluctuations impacting margins(p.42)
- • Foreign exchange volatility with 53.02% of revenue in foreign currencies in FY2023(p.45)
- • Cyclical nature of end-user industries like automobiles and power generation affecting product demand(p.46)
- • Supply chain risks from geopolitical disruptions affecting imported raw materials from South Korea and GCC region(p.44)
- • Counterparty credit risk and customer payment delays affecting cash flows(p.45)
- • Regulatory compliance requirements and risk of adverse regulatory actions by multiple authorities(p.40)
- • Regulatory compliance risks and evolving labor laws(p.74)
- • Volatility in raw material sourcing and pricing(p.73)
- • Foreign exchange and commodity price fluctuations(p.74)
- • Intense competition from domestic and international competitors(p.60)
- • Risk of labor unrest and work disruptions(p.48)
- • Regulatory changes and tariff barriers in export markets(p.60)
- • Economic slowdown and reduced customer demand(p.75)
- • India's sovereign credit rating downgrade risk(p.75)
- • Global economic slowdown with GDP growth projected at 2.2% in 2023(p.159)
- • Volatility in crude oil prices affecting input costs and margins(p.161)
- • Risks from variations in utilization of Net Proceeds with compliance requirements(p.138)
- • Dependence on quotations for capital equipment that may not materialize(p.137)
- • Risks related to CRISIL industry report reliance and potential data obsolescence(p.64)
- • Dependence on base oil imports with potential supply disruption risks(p.39)
- • Oligopolistic market structure with strong international competitors(p.168)
- • High barriers to entry limiting competitive differentiation(p.198)
- • Volatility in crude oil and base oil prices affecting margins(p.197)
- • Regulatory compliance requirements for pharmaceutical and food-grade products(p.199)
- • Industry consolidation trend pressuring smaller players(p.174)
- • Volume-driven business model requiring continuous scale for competitiveness(p.174)
- • Intense competition from domestic and multinational players(p.238)
- • Exposure to COVID-19 pandemic disruption recurrence(p.241)
- • Regulatory compliance requirements across multiple jurisdictions(p.242)
- • Environmental and hazardous waste management obligations(p.244)
- • Exposure to foreign exchange volatility and international operations risks(p.252)
- • Distribution network expansion execution risks(p.240)
- • Exposure to foreign exchange fluctuations in overseas operations(p.314)
- • Regulatory and tax compliance challenges across jurisdictions(p.373)
- • Dependence on credit facilities with security pledges on fixed and current assets(p.348)
- • Volatility in input commodity prices affecting cost structure(p.356)
- • Commodity price volatility affecting raw materials costs(p.402)
- • Foreign currency exchange risk exposure on imports and exports(p.397)
- • Interest rate risk on variable-rate borrowings(p.401)
- • Dependence on supply chain availability and quality of base oils(p.402)
- • Liquidity constraints with majority of liabilities due within one year(p.396)
- • Exposure to commodity price volatility of crude oil affecting raw material costs(p.476)
- • Risk of supply chain disruptions and raw material availability constraints(p.476)
- • Significant dependence on end-user industry demand which may be cyclical or subject to downturns(p.475)
- • COVID-19 pandemic poses continued uncertainty on business operations and demand(p.478)
- • Competitive pressures and market barriers may limit market share gains(p.471)
- • Dependence on few customers in personal care and health care division(p.525)
- • Limited supplier base for raw materials(p.525)
- • Exposure to counterparty credit risk(p.525)
- • Foreign exchange fluctuation losses(p.517)
- • COVID-19 pandemic impact on operations(p.526)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ramesh Babulal Parekh | Promoter/Promoter Selling Shareholder | 37.68% | — |
| Mr. Samir Ramesh Parekh | Promoter | 2.41% | — |
| Mr. Aslesh Ramesh Parekh | Promoter | 2.41% | — |
| Ramesh Babulal Parekh | Promoter | — | — |
| Samir Ramesh Parekh | Promoter | — | — |
| Aslesh Ramesh Parekh | Promoter | — | — |
| Mr. Ramesh Babulal Parekh | Promoter | 37.68% | — |
| Mr. Samir Ramesh Parekh | Promoter | 2.41% | — |
| Mr. Aslesh Ramesh Parekh | Promoter | 2.41% | — |
| Ms. Gulab Parekh | Promoter Group | 13.49% | — |
| Mr. Kailash Parekh | Promoter Group | 11.61% | — |
| Ramesh Parekh | Promoter | — | — |
| Samir Parekh | Promoter | — | — |
| Aslesh Parekh | Promoter | — | — |
| Parekh Bulk Carriers | Promoter Group | — | — |
| Ramesh Babulal Parekh | Promoter | — | — |
| Samir Ramesh Parekh | Promoter | — | — |
| Aslesh Ramesh Parekh | Promoter | — | — |
| Ramesh B Parekh | Promoter | 37.69% | — |
| Gulab J. Parekh (jointly with Rajiv Jitendra Parekh) | Promoter Group | 13.50% | — |
| Kailash B. Parekh (jointly with Mrs. Padmini Parekh) | Promoter Group | 11.63% | — |
| Ramesh Babulal Parekh | Promoter | — | — |
| Samir Ramesh Parekh | Promoter | — | — |
| Aslesh Ramesh Parekh | Promoter | — | — |
| Mr. Ramesh Babulal Parekh | Promoter/Chairman and Managing Director | — | — |
Leadership
Mr. Ramesh Babulal Parekh · Chairman/Promoter
Mr. Samir Ramesh Parekh · Promoter
Mr. Aslesh Ramesh Parekh · Promoter
Ms. Jayshree Soni · Company Secretary and Compliance Officer
Mr. Indrajit Bhattacharyya · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Gandhar Oil Refinery (India) IPO FAQs
What is the lot size of Gandhar Oil Refinery (India) IPO?
The minimum lot size of Gandhar Oil Refinery (India) IPO is 88 shares. One lot costs ₹14,872 at the cut-off price.
When does Gandhar Oil Refinery (India) IPO open and close?
Gandhar Oil Refinery (India) IPO opened for subscription on 22 Nov 2023 and closed on 24 Nov 2023.
What is the listing date of Gandhar Oil Refinery (India) IPO?
Gandhar Oil Refinery (India) IPO listed on 30 Nov 2023.