Mahanagar Gas Ltd's up to $154 million IPO fully covered on first day

India's Mahanagar Gas Ltd's up to $154 million initial public offering was fully subscribed on Tuesday, signaling strong investor appetite in an overall optimistic stock market. 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. On Monday, Mahanagar Gas sold 7.35 million shares at the upper limit of the price band at 421 rup