India’s Torrent Gasoline Ltd. has employed three banks for its deliberate preliminary public providing that will increase as a lot as $450 million, in accordance with folks aware of the matter.
The town-gas distribution arm of Torrent Group has mandated Axis Financial institution Ltd., Kotak Mahindra Capital Co. and Citigroup Inc.’s native unit to handle the share sale, the folks stated, asking to not be recognized as the knowledge is personal.
Discussions are ongoing and particulars together with deal measurement and valuation may nonetheless change, the folks stated. Proceeds from the providing will doubtless be used to fund capital expenditure and cut back debt, they added.
The deliberate providing comes as near-record fundraising makes India one of many busiest IPO venues globally this yr, with vitality and infrastructure issuers driving provide. It would take a look at investor urge for food for city-gas distributors as firms scale up operations to satisfy the federal government’s push for cleaner fuels.
Torrent Gasoline, Axis Financial institution, Kotak Capital and Citi didn’t reply to emails looking for feedback.
The deliberate IPO may worth Torrent Gasoline at round $3 billion, Bloomberg reported in August, citing folks aware of the matter.
Torrent Gasoline reported a income of 40.27 billion rupees ($449 million) for the fiscal yr that ended March 2025, up from 28.75 billion rupees a yr earlier, in accordance with a Crisil Scores report.
The corporate is allowed to develop metropolis gasoline distribution networks and provide compressed pure gasoline for automobiles in addition to piped pure gasoline to industrial, industrial and residential prospects. It holds licenses in seven Indian states and one union territory and operates in 34 districts, in accordance with its web site.
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Printed on December 2, 2025
