Gandhar Oil Refinery shares make remarkable market debut; jump over 76%

New Delhi: Shares of Gandhar Oil Refinery (India) Ltd listed with a bang on Thursday, rallying over 76 per cent, against the issue price of Rs 169.

The stock made its debut at Rs 295.40, a jump of 74.79 per cent from the issue price on the BSE. It further climbed 103.90 per cent to Rs 344.60.

At the NSE, the stock listed at Rs 298, up 76.33 per cent. Shares of the company further jumped 103.57 per cent to Rs 344.05 apiece.

The company's market valuation was Rs 3,011.45 crore during the morning trade.

The initial share sale of Gandhar Oil Refinery received 64.07 times subscription on the final day of bidding on Friday.

The Rs 500.69 crore initial public offering (IPO) had a price band of Rs 160-169 a share.

The IPO was a fresh issue of up to Rs 302 crore and an offer-for-sale of up to 1,17,56,910 equity shares.

Proceeds from the fresh issue component will be used for payment of debt, purchase of equipment and for civil work required for expansion in the capacity of automotive oil at the Silvassa plant.

In addition, the funds will be used for expanding capacity of petroleum jelly and accompanying cosmetic product division at the company's Taloja plant as well as expansion in capacity of white oils by installing blending tanks at the plant. Proceeds will also be used for funding working capital requirements.

In the equity market, the 30-share BSE Sensex traded 74.37 points lower at 66,827.54 while the Nifty declined 20.30 points to quote at 20,078.55.