Cases & Deals

Mahanagar Gas completes IPO on BSE and NSE

Clients Mahanagar Gas Limited

Jones Day advised Mahanagar Gas Limited ("MGL") and its promoters, BG Asia Pacific Holdings Pte Ltd (“BGAPH”), a subsidiary of Royal Dutch Shell plc, and GAIL (India) Limited (“GAIL”) as international counsel in MGL’s initial public offering of 24,694,500 Equity Shares and listing on the Bombay Stock Exchange and National Stock Exchange of India. The offer was undertaken through a public offer in India and international Regulation S offering of 12,347,250 Equity Shares by GAIL and 12,347,250 Equity Shares by BGAPH, together constituting 25.00% of the post-offer paid-up equity share capital of MGL, and raised approximately INR 10.4 billion (US$152.6 million). The IPO is one of the best well-subscribed issues this year, being over-subscribed by 64.5x times at book close.

Kotak Mahindra Capital Company Limited and Citigroup Global Markets India Private Limited acted as bookrunning lead managers of the IPO.

MGL, a joint venture between GAIL and BGAPH, is one of India’s largest natural gas distribution companies and is the sole authorized distributor of compressed natural gas and piped natural gas in Mumbai, its adjoining areas and the Raigad district in the state of Maharashtra, India.