IPO Update: ONGC to list ONGC Videsh

Under pressure to reach its divestment target, the Government of India is eager to list ONGC Videsh to unlock its value. If the government's proposal is approved this will be another important IPO to watch out for.

Government has asked ONGC to list ONGC Videsh, reported an international new agency on Tuesday. ONGC Videsh Limited is a central public sector enterprise (CPSE) of the Government of India and a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC). The company is engaged in the exploration for oil and gas outside India. ONGC Videsh has stakes in 38 oil and gas projects in 17 countries.

For FY18, ONGC Videsh reported highest-ever production of 14.16 MMTOE, which is an increase of 11 per cent. The company's turnover was Rs. 104.18 billion, and PAT was Rs. 9.81 billion.

On Monday, the stock of ONGC closed at Rs. 168.55, up by 4 per cent. On a lacklustre trading day on Tuesday, the stock was quoting Rs. 168.70 per share, up by 0.09 per cent at 13:02 hours, when the benchmark index BSE Sensex was at 38,283.44, up by 0.01 per cent.