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Gujarat State Petronet plans IPO
Ahmedabad: Gujarat State Petronet (GSPL), the gas distribution arm of Gujarat State Petroleum Corporation (GSPC), is planning to come out with an initial public issue (IPO) in the next couple of months to fund the second phase of its pipeline project.

The company is offering 130 million shares that will constitute 25 per cent of its paid-up capital through the book building process.

Kotak Mahindra Capital has been appointed as the lead manager to the issue that would be co-managed by HSBC Securities and ICICI Securities.

GSPL is laying a 2,200-km gas grid across Gujarat, and will use the funds for its 752-km expansion project that would take the gas pipelines to towns such as Rajkot, Morbi, Mehsana and Himmatnagar.

Of the issue, 15 per cent of the shares would be reserved for high net-worth individuals, while 35 per cent would be for retail investors. Qualified institutional buyers will be allotted the balance 50 per cent of the shares. The Gujarat Government, through GSPC, owns 79.5 per cent of the equity in GSPL, while the IDFC-promoted India Development Fund holds the balance 20.5 per cent.
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