Gandhar Oil Refinery IPO listing today.
Shares of Gandhar Oil Refinery (India) Ltd were trading at Rs 295.40 per piece on the BSE and Rs 298 on the NSE, against the issue price of Rs 169 per share
IPO listing of Gandhar Oil Refinery: Gandhar Oil Refinery (India) Ltd made its stock market debut on Thursday with a stock market gain of 75 percent, higher than expected. Gandhar's shares were trading at Rs 295.40 per piece on the BSE and Rs 298 on the NSE, against the issue price of Rs 169 per share.
After listing at Rs 295.40 on the BSE, shares of Gandhar Oil Refinery India rose further and were trading at Rs 305 as of 11:04 am, which is 80.47 percent higher than the issue price and 3.25 percent more than the opening price of the scrip.
Prashanth Tapse, senior VP (research) at Mehta Equities Ltd, said: “This is a solid listing gain that exceeds our expectations for a leading white oils manufacturer, Gandhar Oil. This is mainly due to a reasonable IPO valuation compared to high-priced sector peers.”
Post-listing, the valuation gap has narrowed compared to Gandhar peers and hence we expect limited upside from current levels. “We have recommended that investors book daily gains on the listing, which exceeds our expectations.”
Shivani Nyati, head of (wealth) at Swastika Investmart, said, “Gandhar Oil Refinery India Limited made its stock market debut by listing on the BSE and NSE at Rs 298 per share, almost 76 percent higher than its IPO price of Rs. 169.”
The IPO was subscribed 64.05 times, which is significantly higher than expected. This strong response from investors could be due to a number of factors, including the company's strong track record of growth and profitability, diversified customer portfolio and strong distribution network, she said.
Overall, Gandhar Oil Refinery India Limited's listing is a success. The company's strong fundamentals, robust demand for the IPO and strong listing price suggest the company is well positioned for future growth, she added.
“However, investors may want to consider taking profits at some point,” Nyati said.
Gandhar Oil Refinery's IPO, which opened for public subscription between November 22 and 24, received a strong subscription of 65.63 times. The price band for the offer was Rs 160-169 per share.
Meanwhile, shares of Tata Technologies Ltd also made a stellar debut on Dalal Street on Thursday. Tata Group shares were trading at Rs 1,200 on the National Stock Exchange, a premium of 140 percent over the issue price of Rs 500. While it was listed at a premium of 140 percent to Rs 1,199.95 against the same issue price on BSE .