Torrent Gas has filed an updated
draft red herring prospectus for its initial public offering,
under which its parent will sell up to 335 million shares, the
company said late Tuesday.
Here are some details:
* Torrent Gas is not selling any new shares in the IPO and
will not receive any proceeds. Reuters earlier reported the IPO
could raise up to 40 billion rupees ($418 million).
* Torrent Investments, the holding company of the
Ahmedabad-based Torrent Group, which also controls listed
Torrent Power and Torrent Pharmaceuticals,
is Torrent Gas’ sole shareholder offloading shares in the IPO.
* India’s markets regulator approved Torrent Gas’
confidential IPO filing in June. The updated draft red herring
prospectus filed Tuesday is the company’s first public IPO
document.
* Torrent Gas supplies piped natural gas (PNG) to households
and industries across several states in India. Its listed peers
include Adani Total Gas, Indraprastha Gas,
Mahanagar Gas and Gujarat Energy.
* India has been pushing to boost adoption of piped cooking
gas as the U.S.-Iran conflict disrupts fuel shipments and drives
up import costs. Last month, the government announced incentives
to gas distributors to boost domestic connections.
* Torrent Gas’ profit jumped 108% to 2.81 billion rupees in
the year ended March 31, while revenue climbed nearly 35% to
59.33 billion rupees.
* The IPO also comes as India’s IPO market regains momentum
after fundraising activity slowed earlier this year amid the
U.S.-Iran war.
* Axis Capital, Citigroup and Kotak Mahindra Capital are
managing the IPO.