Mahanagar Gas Limited (MGL) is listed on the exchanges at Rs 540 per share, up 28 per cent from its issue price of Rs 421 per share. The country’s second largest compressed natural gas (CNG) retailer had raised Rs 10.4 billion through its initial public offering (IPO) with a price band of Rs 380-Rs 421. MGL’s initial share sale was oversubscribed 64.54 times. The IPO was open for subscription between June 21, 2016 and June 23, 2016. MGL, promoted by state-run GAIL (India) Limited and British Gas Asia Pacific Holdings, made an offer for sale of up to 24.69 million equity shares of Rs 10 each. The money raised through the IPO will accrue to the promoters who are selling their stake. A major distributor of CNG and piped natural gas in Mumbai and adjoining areas, MGL receives gas at its stations located at Wadala, Mahape, Ambernath and Taloja through pipelines owned by GAIL.