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Gandhar Oil Refinery Ltd. IPO – Subscription Status, Allotment & Other Key Dates

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The white oil manufacturer Gandhar Oil Refinery (India) Ltd.’s IPO has been one of the most overwhelming IPOs of the season. While the company wanted to raise Rs. 500 crore through the IPO, it got subscriptions close to Rs. 7000 crore. The issue was fully subscribed on the first day of the IPO, and the company got 5.52x more bids.

Let’s take a look at the details of the Gandhar Oil Refinery IPO.

IPO Subscription Status

As per NSE data, as of 5 p.m. yesterday, the IPO was subscribed 15.25x. While the company offered 21243940 shares, the bids came for 323933896 shares.

The non-institutional investors (NII) seem to be the most interested in this IPO, as they have subscribed 26.23 times above the portion of the IPO that they were offered. Retail individual investors (RII) followed and subscribed 17.24 times more than the offer, while qualified institutional buyers (QIBs) subscribed 3.14 times the offer.

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Even though the offer has already been oversubscribed, it is still open as the closing date for the IPO is today, 24 November 2023.

Gandhar Oil Refinery (India) Ltd. IPO Allotment & Listing Date

Basis of AllotmentNovember 30, 2023
Initiation of RefundsDecember 1, 2023
Credit of Shares to DematDecember 4, 2023
Listing DateDecember 5, 2023
Cut-off time for UPI mandate confirmation5 PM on November 24, 2023

The IPO will be closing today, and the basis of allotment is due on 30 November 2023, which is coming Thursday. You can expect the shares to be credited to your Demat account by 4 December, while if you are waiting for any refund, you can expect to receive it by 1 December.

The shares of the Oil refinery will be listed on both NSE and BSE as decided on 5 December 2023.

Apart from the dates, here are other details you need to know about Gandhar IPO –

Price BandRs. 160 – Rs. 169
Minimum lot size for RII88 shares
Minimum investment requirement for RIIRs. 14872
Minimum lot size for NII1232 shares or
Minimum investment requirement for NIIRs. 208208

About Gandhar Oil Refinery (India) Ltd

Gandhar Oil Limited is a highly esteemed company established in 1992 and is a leading manufacturer of white oils for the healthcare and consumer industries. The company’s brand, Divyol, offers over 350 products categorized as personal care, healthcare, performance, lubricants, and process and insulating oils. Their extensive and diverse product range makes them stand out as of June 30, 2022.

The company’s products are considered essential components of end products across several sectors, including consumer goods, healthcare, automotive, industrial, power, tyre, and rubber.

The products’ quality is undisputed, and they are used by leading Indian and global companies, such as Procter & Gamble (P&G), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami, and Amrutanjan Healthcare. As of June 2022, the company has served clients from 100 countries, with over 3,500 clients, making it a reliable and trusted partner for companies worldwide.

How do you check Gandhar Oil Refinery (India) Ltd. IPO Allotment Status?

If you want to check the allotment status for Gandhar Oil IPO, then here are two steps you can follow –

Option 1: Using the BSE Website

  • First, open the BSE website and click on the BSE IPO allotment Page.
  • Then, choose ‘Issue Type’ from the drop-down menu and click ‘Equity.’
  • Then look for Gandhar Oil Refinery (India) Ltd. IPO and click on it from the’ Issue Name’ list.
  • Enter the PAN number or the IPO application number.
  • Verify by entering the Captcha
  • Then, check your allotment status on the screen.

Option 2: Using Link Intime India Private Limited’s Website (IPO Registrar)

  • Open Link Intime IPO Status checking website
  • Select ‘Gandhar Oil Refinery (India) Limited’ IPO from the list.
  • Now enter either –
    • PAN
    • Bank Account/ IFSC
    • IPO Application Number
    • DPID/Client ID
  • Then click on the search button, and you will get the results.

When will the basis of allotment for Gandhar Oil Refinery (India) Ltd. IPO be finalized?

The company has finalized the allotment date, 30 November 2023. It will be followed by the initiation of refunds and credit of shares.


  1. How can I check the Gandhar Oil IPO allotment status?

    You can use the BSE website or Link Intime IPO website to check the IPO allotment status.

  2. When will the basis of allotment for Gandhar Oil IPO be finalized?

    The basis of allotment has already been finalized. It will be taking place on 30 November 2023.

  3. What are the key dates for the Gandhar Oil IPO?

    You will get the shares credited to your account by 4 December, and the stock will be listed on 5 December.

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

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