₹ 14872 / 88 shares

IPO Details

Issue Date

22 Nov - 24 Nov'23

Min Investments

₹ 14872

Issue Price

160 - 169

Lot Size


IPO Size

₹ 500.69 Cr

IPO Listing Details

Listing On

30 Nov'23

Issue Price

160 - 169

Listed Price

₹ 298

Retail Gain/Listing Gain


Gandhar Oil Refinery (India) Limited holds a prominent position as a top revenue-generating producer of white oils. The company's strategic emphasis is on the consumer and healthcare sectors, (Source: CRISIL Report). As of June 30, 2023, the product portfolio comprises over 440 items, primarily spanning the personal care, healthcare, and Performance Oils (PHPO), as well as the Lubricants and Process and Insulating Oils (PIO) divisions, all under the renowned "Divyol" brand.

The company’s products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power and tyre and rubber sectors.

In FY23, the company is also India’s largest manufacturer of 204 white oils by revenue, including domestic and overseas sales, and is one of the top five players globally in terms of market share in the calendar year 2022 (Source: CRISIL Report).

With that, let's take a look at the competitive strengths and risk factors for Gandhar Oil Refinery (India) Limited:

Leading market share of the Indian white oils market
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Extensive and diversified customer and supplier base
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Resilient, flexible and scalable business model
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  • There is significant dependence on the personal care, health care and performance oil business division.
  • The company is subject to strict quality requirements and the success of products is largely dependent on meeting such quality requirements and standards.
  • An inability to manage their growth strategy and expansion plan may adversely affect the business.
  • Enhanced focus on the consumer and healthcare end-industries.
  • Continue to increase overseas sales by strategically expanding product offerings.
  • Strengthen the customer base by growing existing customer business and acquiring new customers.

Here are the key financials for Gandhar Oil Refinery (India) Limited:

Particulars (in Rs. million)

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Gandhar Oil Refinery (India) Limited FAQs

The Gandhar Oil Refinery (India) Limited IPO has an issue size of Rs. 500.69 crores. The IPO opens for subscription on 22nd November and closes on 24th November 2023.

Link Intime India Private Limited is the registrar for this IPO.

You may read more about Gandhar Oil Refinery (India) Limited and its IPO from the company’s red herring prospectus (RHP) here:

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