Torrent Gas files updated prospectus, parent keeps up to ₹4,000cr
Business
Torrent Gas just filed an updated prospectus for its IPO, hoping to raise up to ₹4,000 crore (about $418 million).
The catch? All shares sold will come from its parent company, Torrent Investments, so Torrent Gas itself won't get any fresh funds from this move.
Torrent Gas profits jump 108%
This IPO lands as India's IPO market is heating up again and the government is pushing for more piped natural gas.
Torrent Gas has been growing fast: for the year ended March 31, profits jumped 108% to ₹2.81 billion and revenue climbed nearly 35% to ₹59.33 billion.
They're competing with big names like Adani Total Gas and Mahanagar Gas, while Axis Capital, Citigroup, and Kotak Mahindra Capital are managing the IPO.