GSPC plans to launch IPO in April-June


Bangalore: After failing to launch IPO in 2008 due to volatile market conditions, GSPC (Gujarat State Petroleum Corporation), which generates power in Gujarat by harnessing the eco-friendly and economical natural gas, is planning to launch public offering (IPO) is likely in April-June of 2010. State-owned oil and gas exploration company will be filing draft prospectus with SEBI by February-end. The company aims to raise 3,000 crore via 15 percent stake sale. It is a parent company of listed Gujarat State Petronet. In the last 25 years, the company has grown from operatorship of small fields in Gujarat into an expansive oil and gas exploration and production company across India and overseas within just a decade. Recently, it drilled its 50th onshore well, which is a landmark considering the fact that GSPC has been an Operator only since April 2000.