MUMBAI, Sept. 21 -- GAIL Gas Ltd has begun the process of appointing investment banks for an initial public offering (IPO) that could raise up to Rs.3,100 crore, according to a document reviewed by Mint. The city gas distribution company, a wholly owned subsidiary of state-run GAIL (India) Ltd, is seeking up to four book-running lead managers to manage the proposed share sale.

"The company is planning on conducting a pre-bid meeting with all interested merchant bankers this week to address their queries, with bids expected to start coming in by early next month," a person aware of the developments told Mint.

The appointed advisers will draft and file the draft red herring prospectus and final prospectus with the Securities and Exchange ...