Mahanagar Gas IPO oversubscribed 1.10 times on Day 1

The initial share sale of country's second largest CNG retailer Mahanagar Gas was oversubscribed by 1.10 times on the first day of the offer today.
The Rs 1,040 crore-IPO received bids for 1,90,59,250 shares against the total issue size of 1,73,46,150 shares, data available with the NSE till 1700 hrs showed.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.82 times and that of retail investors 1.09 times.
Non-institutional investors category received 23 per cent subscription, as per stock exchanges data.
Mahanagar Gas yesterday mopped up Rs 309 crore from anchor investors.
The price band for the IPO has been fixed at Rs 380-421.

Mahanagar Gas, promoted by state-run GAIL and British Gas Asia Pacific Holdings Pte Ltd, is making an offer for sale of up to 24,694,500 equity shares of Rs 10 each.

British Gas and GAIL would sell up to 12,347,250 equity shares each in the IPO.
The initial share sale programme will close on June 23. At the upper end of the price-band, the firm will garner Rs 1,039.64 crore.
The money raised through the IPO would accrue to the promoters who are selling their stake.
The IPO is being managed by Kotak Mahindra Capital Company Ltd and Citigroup Global Markets India Pvt Ltd.

Mahanagar Gas, a major distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and adjoining areas, receives gas at its stations located at Wadala, Mahape, Ambernath and Taloja through pipelines owned by GAIL.