GSPC is planning IPO by end of the year

Date:Sep-17-2008
Gujarat State Petroleum Corporation (GSPC) is planning an initial public offering by the end of the year. The company is planning a public offering of 10-20% of its equity shares to raise about $1 bn.
According to a company official, the company has mandated DSP Merrill Lynch, JM Financial, Kotak, SBI CAP and Citibank for doing dilution for the IPO. He also added that, "The IPO was proposed to hit the market in November, but I now think it will happen in December-January".
GSPC is an oil and gas producing company with a dominant presence in the Energy Sector of India, attracting interest from oil companies all over the world, and signing partnership agreements covering E & P activities, based on its remarkable discoveries in Gujarat. GSPC has grown from a small oil and gas producing company in Gujarat into a vertically integrated energy company across India and overseas within just a decade. Incorporated in 1979 as a petrochemical company, GSPC has today metamorphosed into a large-scale Rs. 3900 crore energy organization, excelling in a wide gamut of hydrocarbon activities.