Mahanagar Gas to list shares on July 1

The issue, which opened during June 21-23, oversubscribed 64.54 times, driven by non-institutional investors (191.61 times) and qualified institutional buyers (72.84 times).

Mahanagar Gas, the country’s second largest CNG retailer, will list its equity shares on exchanges on July 1 after its issue received overwhelming response from investors last week. The issue, which opened during June 21-23, oversubscribed 64.54 times, driven by non-institutional investors (191.61 times) and qualified institutional buyers (72.84 times).

Retail investors’ participation in the issue was also good, their portion subscribed 6.82 times and employees 1.18 times. Mahanagar Gas has garnered Rs 1039.6 crore through the issue at higher end of price band of Rs 380-421 per share. It was an offer for sale by promoters state-run GAIL   and British Gas Asia Pacific Holdings, which sold 12,347,250 equity shares each in the IPO. Hence, the company will not get funds for investment.

Mahanagar Gas Limited is a natural gas distribution company located in Mumbai, Maharashtra, India. Established in 1995, the company is a joint-venture between GAIL, BG Group and the Government of Maharashtra.

Kotak Mahindra Capital Company and Citigroup Global Markets India Private Limited were the book running lead managers to the issue.

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