Mahanagar Gas IPO fully covered on first day
Mahanagar Gas

The initial public offering of Mahanagar Gas Ltd, the supplier of compressed natural gas and piped natural gas in Mumbai and nearby areas, was fully covered on the first day of the issue on Tuesday.

The issue was subscribed 1.1 times as it received bids for 1.91 crore shares against the 1.73 crore shares on offer, according to stock-exchange data.

The portion set aside for qualified institutional buyers was subscribed 1.82 times and that for retail investors 1.09 times. The quota for non-institutional investors was covered only 23%.

Mahanagar Gas, a joint venture of state-run GAIL India Ltd and the UK-based BG Group, is seeking to raise up to Rs 730 crore through the IPO at the upper end of its price band of Rs 380-421 a share.

The IPO is entirely an offer for sale by BG Group and GAIL, and closes on June 23. The company on Monday raised Rs 309 crore from anchor investors.

Kotak Mahindra Capital Company Ltd and Citigroup Global Markets India Pvt Ltd are bankers to the IPO.

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