Torrent Gas files updated draft prospectus for IPO

Torrent Gas, an Ahmedabad-based gas distributor, is entering the public market with its IPO, as India's IPO activity shows signs of regaining momentum.

• Torrent Gas has filed an updated draft red herring prospectus for its IPO.
• The IPO will involve the sale of up to 335 million shares by parent company Torrent Investments.
• Torrent Gas will not sell any new shares in the IPO.
• The company will not receive any proceeds from the IPO.
• India's IPO activity is showing signs of regaining momentum.

The company's parent, Torrent Investments, will sell up to 335 million shares in the IPO, with no new shares being sold by Torrent Gas itself.