MC EXCLUSIVE: Torrent Gas Submits Draft IPO Papers Under Confidential Route

Torrent Gas Files Draft Papers for Listing via Confidential Route

Torrent Gas, the city gas distribution (CGD) business of Torrent Group, has filed draft papers with Sebi through the confidential pre-filing route. This move is a significant step towards its potential listing on the stock exchange.

Key Details

• The proposed issue consists of a pure Offer For Sale (OFS), with no primary portion.
• Axis Capital, Kotak Mahindra Capital, and Citi are the investment banks working on the proposed issue.
• Torrent Gas has been authorized to set up CGD infrastructure and sell compressed natural gas (CNG) and piped natural gas (PNG) across 34 districts in seven states and one union territory.
• The company clocked revenues of Rs 45,638.2 crore and a net profit of Rs 4,706 crore for FY24-25, according to Tracxn, a private markets data provider.

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Company Background

• Jinal Mehta is the Chairman of the board of directors of Torrent Gas, which hired oil and gas industry veteran Manoj Jain as Managing Director in 2023.
• The listed peers of Torrent Gas include Indraprastha Gas, Mahanagar Gas, Gujarat Gas, and Adani Total Gas.

Confidential Filing Route

• Introduced by Sebi in November 2022, the confidential pre-filing route allows companies to keep sensitive business details and financial metrics confidential until a final decision is made on listing.
• Several other issuers have opted for this route in the past, including Tata Capital, Tata Play, Oyo, and PhonePe.

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