Ten merchant banks have put their hands up to manage Gujarat State Petroleum Corp. Ltd’s (GSPC) fresh proposal for an initial public offering (IPO) in September, with the company now fetching a 50% premium over its valuation in late 2006 when it made its first approach for an issue.
GSPC, which postponed its earlier plans for an IPO, has not yet handed out the mandates, but bankers involved in the said GSPC could raise $1.5 billion (Rs6,045 crore) from its IPO. The quantum of shares on offer will be decided after mandating the bankers.
Citigroup Global Markets India Pvt. Ltd, UBS Securities India Pvt. Ltd, Deutsche Securities (India) Pvt. Ltd, JPMorgan India Pvt. Ltd and DSP Merrill Lynch Ltd are the five foreign investment banks that attended the second round of IPO talks in February.The domestic line-up had SBI Capital Markets Ltd, ICICI Securities Ltd, Enam Securities Pvt. Ltd, Kotak Mahindra Capital Co. Ltd and JM Financial Consultants Pvt. Ltd.
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