Jones Day and Khaitan & Co. have advised Mahanagar Gas Limited (MGL) and its promoters on MGL’s $152.6 million initial public offering on the Bombay Stock Exchange and National Stock Exchange of India. 

The book-running lead managers of the IPO, Kotak Mahindra Capital Company and Citigroup Global Markets India were advised by Herbert Smith Freehills and Cyril Amarchand Mangaldas.

Royal Dutch Shell's BG Asia unit and Indian state-run Gail, which owned about 45 percent each of Mahanagar Gas before the IPO, are selling 12.5 percent of their holdings each and will receive all the proceeds from the IPO.

Mahanagar Gas, a major supplier of gas in Mumbai and Thane suburb, plans to expand its reach to the nearby Raigad district over the next five years.

The Jones Day team on the transaction was led by Paul Kuo and Dan Coppel and included John Owen, Ben Witherall, Sweta Gabhawala and Mackenzie Tan.