Explain Gandhar Oil IPO allotment date in 500 words
Gandhar Oil Refinery (India) Limited is a leading manufacturer and exporter of petroleum products in India. The company recently came out with an Initial Public Offering (IPO) to raise funds for its expansion plans and to meet its working capital requirements. The IPO was open for subscription from [start date] to [end date], and the allotment date for the IPO shares was [allotment date].
During the IPO subscription period, investors had the opportunity to apply for shares of Gandhar Oil at a specific price range. The IPO price range was set at [price range], and investors could apply for a minimum of [minimum lot size] shares and in multiples thereof. The IPO was oversubscribed [X] times, indicating the high demand for the company's shares among investors.
After the IPO subscription period ended, the next step in the IPO process is the allotment of shares. Allotment refers to the process of allocating shares to the successful applicants based on the number of shares they applied for and the oversubscription ratio. The allotment is done through a computerized process known as a lottery system, which ensures fairness and transparency in the allocation of shares.
The allotment date for the Gandhar Oil IPO was [allotment date]. On this day, the company and the registrar of the IPO, which is responsible for managing the allotment process, finalized the allotment of shares. The allotment details, including the number of shares allotted and the refund of excess money, if any, were made available to the applicants on the registrar's website and through other communication channels.
The allotment process takes into account various factors, including the number of shares available for allocation, the number of shares applied for, and the oversubscription ratio. In the case of oversubscription, where the demand for shares exceeds the number of shares available, the allotment is done on a proportionate basis. This means that applicants receive a portion of the shares they applied for, based on the oversubscription ratio.
For example, if an applicant applied for 100 shares and the oversubscription ratio is 2, the applicant may be allotted 50 shares (100/2). In case the number of shares applied for is less than or equal to the number of shares available, the allotment is done on a full basis, and applicants receive the exact number of shares they applied for.
Once the allotment is finalized, the shares are credited to the demat accounts of the successful applicants. The refund of excess money, if any, is also processed and credited to the applicants' bank accounts. The allotment details are also communicated to the applicants through email or physical allotment advice.
In conclusion, the Gandhar Oil IPO allotment date was [allotment date]. On this day, the shares were allocated to the successful applicants based on the oversubscription ratio and other factors. The allotment process ensures fairness and transparency in the distribution of shares and marks an important milestone in the IPO journey of Gandhar Oil Refinery (India) Limited.