India’s Torrent Gas Hires Citi, Two Others For $450 Million IPO

India’s Torrent Gas Ltd. has hired three banks for its planned initial public offering that may raise as much as $450 million, according to people familiar with the matter.

The city-gas distribution arm of Torrent Group has mandated Axis Bank Ltd., Kotak Mahindra Capital Co. and Citigroup Inc.’s local unit to manage the share sale, the people said, asking not to be identified as the information is private.

Discussions are ongoing and details including deal size and valuation could still change, the people said. Proceeds from the offering will likely be used to fund capital expenditure and reduce debt, they added.

The planned offering comes as near-record fundraising makes India one of the busiest IPO venues globally this year, with energy and infrastructure issuers driving supply. It will test investor appetite for city-gas distributors as companies scale up operations to meet the government’s push for cleaner fuels.

Torrent Gas, Axis Bank, Kotak Capital and Citi didn’t respond to emails seeking comments.

The planned IPO could value Torrent Gas at around $3 billion, Bloomberg reported in August, citing people familiar with the matter.

Torrent Gas reported a revenue of 40.27 billion rupees ($449 million) for the fiscal year that ended March 2025, up from 28.75 billion rupees a year earlier, according to a Crisil Ratings report.

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. It holds licenses in seven Indian states and one union territory and operates in 34 districts, according to its website.