Gujarat State Petronet IPO was launched by Gujarat State Petronet Limited or GSPL to fund its business expansion plans. The price band of the Gujarat State Petronet IPO was fixed at Rs 23- Rs. 27 per share.
Gujarat State Petronet Limited or GSPL belongs to GSPC Group Company and is leading company in the business of building energy transportation infrastructure. Further, the company is also engaged with connecting natural gas supply basins along with Liquefied Natural Gas (LNG) terminals. The company builds transmission network for industries like steel, power, fertilizer, chemical plants and local distribution companies.
Gujarat State Petronet or GSPL, is India's second largest natural gas transmission network. The main aim of floating of the Gujarat State Petronet IPO is to expand its existing capacity.
Details of Gujarat State Petronet IPO are as follows -
Gujarat State Petronet IPO price band was fixed for its initial public offer, at Rs. 23- Rs. 27 per share. With this IPO it entered the Indian capital market with a public issue of 138,000,000 equity shares of Rs 10 each. Upto 50% of the IPO was made available for the Qualified Institutional Buyers (QIBs). From the total allotment of the Qualified Institutional Buyer, 5% was allotted for mutual funds portfolio. From the remaining portion, 15% of the issue was allotted to non-institutional investors. Further, 35% of the remaining portion was allotted to the retail investors. The key shareholders of Gujarat State Petronet were Gujarat Urja Vikas Nigam, Gujarat State Electricity Company, Gujarat Maritime Board, Gujarat Industrial Development Corporation and Gujarat Narmada Valley Fertilizers Company. Investment in Gujarat State Petronet IPO is subject to income tax exemptions.
