Torrent Gas hires Citi, two others for $450 million IPO

Core Viewpoint - Torrent Gas Ltd. is planning an initial public offering (IPO) that may raise up to $450 million, with a potential valuation of around $3 billion, amid a busy IPO environment in India driven by energy and infrastructure sectors [2][5][9]. Company Overview - Torrent Gas reported a revenue of 40.27 billion rupees ($449 million) for the fiscal year ending March 2025, an increase from 28.75 billion rupees the previous year [6][9]. - The company is authorized to develop city gas distribution networks and supply compressed natural gas for vehicles, as well as piped natural gas to industrial, commercial, and residential customers [6][9]. - Torrent Gas holds licenses in seven Indian states and one union territory, operating in 34 districts [6][9]. IPO Details - The IPO is being managed by Axis Bank, Kotak Mahindra Capital, and Citigroup's local unit, with ongoing discussions about deal size and valuation [9]. - Proceeds from the offering are expected to be used for capital expenditure and debt reduction [9]. - The planned offering will test investor appetite for city-gas distributors as companies expand operations to align with the government's push for cleaner fuels [2][9].