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About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
The company had filed its DRHP in March this year and received approval from the regulator in September. In October, the Jaipur-based retail jeweller raised Rs 33 crore in its pre-IPO funding round.
The Hiranandani Group does not have any plans for an Initial Public Offering in 2024, and may look at hitting the capital markets in 2025,
In Sebi’s parlance, obtaining observation letters means its go-ahead to launch the IPO.
Mumbai headquartered Gandhar Oil Refinery is manufacturer of white oil, a crude oil derivative used as a base carrier to manufacture personal care products, ointment, and hair oil. It has a market share of over 26% in the local market.