Torrent Gas has filed an updated draft red herring prospectus (UDRHP) for its proposed initial public offering, with promoter Torrent Investments looking to sell up to 33.5 crore equity shares through the offer.
The IPO will be entirely an offer for sale by Torrent Investments, with no fresh issue of shares. As a result, Torrent Gas will not receive any proceeds from the public offering.
The filing follows approval from the Securities and Exchange Board of India (SEBI) in June for Torrent Gas' confidential IPO filing. The updated DRHP, filed on Tuesday, is the company's first publicly available IPO document.
Axis Capital, Citigroup and Kotak Mahindra Capital are managing the proposed public issue.
Profit More Than Doubles In FY26
Torrent Gas reported a sharp improvement in profitability in FY26, with its profit more than doubling during the financial year. Earnings continued to grow during the first quarter of FY27.
The company operates in India's city gas distribution sector, supplying piped natural gas (PNG) to households and industries across several states. Its listed peers include Adani Total Gas, Indraprastha Gas, Mahanagar Gas and Gujarat Gas.
The proposed listing would add another city gas distribution company to India's public markets at a time when the sector is navigating changes in gas sourcing, pricing and domestic consumption.
Gas Distribution In Focus Amid Supply Concerns
India has been seeking to expand the use of piped natural gas, including for household cooking, as geopolitical tensions and disruptions to international fuel shipments increase uncertainty around energy imports and costs.
The government also announced incentives for city gas distributors last month aimed at accelerating the addition of domestic PNG connections.
Torrent Gas' proposed IPO comes against this backdrop of efforts to expand India's gas distribution infrastructure and increase household access to piped natural gas.