Shares in GVK Power & Infrastructure gained as much as 13 per cent in early trading on Tuesday, after Reuters on Monday reported the company is likely to file for an up to $250 million initial public offering (IPO) of its airport unit soon.

GVK has mandated Citigroup, Bank of America-Merrill Lynch, Axis Capital and JM Financial Services to manage the IPO, sources said.

The stock is heading towards its biggest daily gain since May 19, 2014.

At 9.35 am, the stock surged 19.95 per cent or Rs 1.63 to Rs 9.80.