GSPC IPO Coming soon

Gujarat State Petroleum Corp. (GSPC) plans to raise about US$1bn (about Rs45bn) from an initial public offering (IPO) of its equity shares, a senior company official said. "Our plan is to have the IPO by November but it may extend to December-January," the official, who did not want to be named, said on the sidelines of a conference in New Delhi. GSPC is planning to sell about 10-20% equity through the IPO. The company has mandated DSP Merrill Lynch, JM Financial, Kotak, SBI Caps and Citibank to manage the IPO, the company official said.