India’s Torrent Gas Ltd. is considering an initial public offering in Mumbai that may raise about $450 million, according to people familiar with the matter.
The company, which is the city gas distribution unit of Torrent Group, has invited investment banks to pitch for roles in the planned share sale, said the people, who asked not to be identified because the information is private. An IPO could value Torrent Gas at around $3 billion, depending on how global trade tensions play out, they said.
Talks are still taking place, and details such as deal size and valuation may change, the people said, adding that the proceeds from the offering are likely to be used for capital expenditure and debt reduction.
Torrent Gas didn’t immediately respond to an email from Bloomberg asking for comment.
Indian companies have raised more than $8 billion this year through IPOs, data compiled by Bloomberg show. They will probably raise $18 billion in the second half of 2025, according to estimates from Jefferies Financial Group.
Torrent Gas is authorized to develop city gas distribution infrastructure and supply compressed natural gas to vehicles as well as piped natural gas to industrial, commercial and residential users. The company holds licenses in seven Indian states and one union territory, according to its website.
