Mahanagar Gas IPO (MGL IPO)
Mahanagar Gas Limited is one of the largest city gas distribution companies in India. Established in 1995, the company has more than 20 years of experience in supplying natural gas in Mumbai and is presently the sole authorised distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and the Raigad district in the state of Maharashtra. Mahanagar Gas is a joint venture (JV) between GAIL (Gas Authority of India Litd) and BGAPH (BG Asia Pacific Holdings Pte. Limited) with each party owning 49.75% of its equity shares. GAIL is a Maharatna public sector undertaking and the largest natural gas transmission company in India while Singapore based BGAPH is a part of Royal Dutch Shell.
Mahanagar Gas distributes CNG for use in motor vehicles and PNG for domestic household use as well as for commercial and industrial use. As at June 30, 2015, Mahanagar Gas supplied CNG to over 0.43 million vehicles through its network of 180 CNG filling stations, and provided PNG connection to approximately 0.82 million domestic households, over 2,600 commercial and 55 industrial consumers in Mumbai and its adjoining areas. For Fiscal 2015, CNG and PNG businesses accounted for 74.09% and 25.91%, respectively, of the total volume of natural gas sold, and 65.10% and 34.90%, respectively, of its total gas sales revenue.
As at June 30, 2015, Mahanagar Gas had a supply network of over 4,464 kms of pipelines, including approximately 4,057 kms of polyethylene (medium and low pressure) pipeline and 407 kms of steel pipeline, and 180 CNG filling stations. Its total revenue increased to INR21,356.37 million in fiscal 2015 from INR10,735.64 million in Fiscal 2011 at a CAGR of 18.76%. Similarly, its profit after tax increased to INR3,010.01 million in Fiscal 2015 from INR2,255.08 million in Fiscal 2011 at a CAGR of 7.49%.
|MGL IPO Date||21-23 June 2016|
|Price Band||INR380 – 421 per share|
|Issue Size||INR938.4 – 1,039.6 crore|
|Face Value||INR10 per share|
|Minimum Bid||35 shares|
|Listing On||BSE, NSE|
The IPO is an offer for sale (OFS) and Mahanagar Gas will not receive any proceeds from the IPO.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Capital structure” tab_id=”1458479806356-0ea35d5d-db866435-e2b8″][vc_column_text]
|Name of shareholder||Equity Shares||Percentage (%)|
|BGAPH (British Gas/Royal Dutch Shell)||44,449,960||45|
|Government of Maharashtra||9,877,778||10|
Mahanagar Gas’ consolidated financial performance (in INR crore)
|Profit/(loss) after tax||2,255.1||3,077.4||2,985.1||2,972.5||3,010.0|
MGL IPO Subscription Details
|Category||Shares offered||Subscription (No. of times)|
|Day 1||Day 2||Day 3|
MGL IPO Allotment Status
Mahanagar Gas IPO allotment status is now available on Link Intime’s website. Click on this link to get allotment status.
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Registrar of Mahanagar Gas IPO
Listing Performance of Mahanagar Gas IPO
IPO Closing Date: 23 June 2016
Finalisation of Basis of Allotment: 28 June 2016
Initiation of refunds: 29 June 2016
Transfer of shares to demat accounts: 30 June 2016
Listing Date: 1 July 2016
Listing Price on NSE: INR540 per share
Closing Price on NSE: INR519.3 per share