Torrent Gas Picks Citi Group, Axis Bank and Kotak Mahindra Capital for $450 Million IPO Plan

Torrent Gas Ltd. has hired Citigroup’s local arm, Axis Bank, and Kotak Mahindra Capital to work on its planned initial public offering (IPO), as per the news reports.  

The company may look to raise up to $450 million, though the final amount is still being discussed. The mandate is an early step in preparing the offer. 

Discussions Still in Progress 

As per news reports, the deal structure, valuation and timing are continuing, and figures may change as the process moves forward.  

The funds from the offer are expected to support capital spending and help lower some of the company’s debt. 

Sector Backdrop 

The planned listing comes during a period of strong IPO activity in India, with several energy and infrastructure companies approaching the market this year. 

City-gas distributors are expanding networks as more regions adopt natural gas, and the offer will show how investors view the segment at this stage of growth. 

Torrent Gas Operations 

Torrent Gas, part of the Torrent Group, holds licences across seven states and one union territory, with operations spread over 34 districts.  

The company runs city-gas distribution systems and supplies compressed natural gas (CNG) for vehicles and piped natural gas (PNG) to homes, businesses and industrial users. Its network has grown as consumption patterns shift towards cleaner fuel options. 

Recent Financials 

A report from Crisil Ratings stated that Torrent Gas generated ₹40.27 billion in revenue in the financial year ending March 2025, compared with ₹28.75 billion in the previous year.  

In August, Bloomberg reported the company could be valued at about $3 billion, based on early estimates from people familiar with the plans. 

Read More: IEX's Gas Exchange Arm IGX Board Approves Process for IPO! 

Conclusion 

The proposed IPO adds another large offer to India’s active pipeline. Further details on size, pricing, and valuation will depend on market conditions and regulatory filings in the coming months. 

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