Gujarat Petronet goes public on 24th January
Gujarat State Petroleums gas pipeline subsidiary Gujarat State Petronet (GSPL) is launching its Initial Public Offer for four days between 24th and 28th January.
Money raised will meet a part of the Rs1450cr ($330m) required to add another 742-km to GSPLs existing and operational 433-km pipeline grid. GSPL is selling 25.5% of its equity to the public through the IPO at a price band of between Rs23 and Rs27 for each share.
If the issue is subscribed at the upper level, GSPL will raise Rs372cr ($84m) and Rs317cr ($72m) at the lower level of the price band. After the IPO, GSPLs equity structure will be: GSPC with 39.2%; public investors with 25.5%; government of Gujarat companies with 12.9%; and financial institutions with 22.5%.
Kotak Mahindra, HSBC and ICICI Securities are merchant bankers to the issue. This is the first public issue for a company within the GSPC group of companies.