IEX Value Unlocking: Board of Indian Gas Exchange approves kickstarting IPO process – CNBC TV18

Indian Energy Exchange Ltd. (IEX), shares of which are up 7% in the last two trading sessions, informed the exchanges on Wednesday, December 3, about the upcoming Initial Public Offering (IPO) of an associate company.

The board of Indian Gas Exchange (IGX) has accorded its approval to start the process of an IPO for equity shares of face value of ₹10 each.

“IGX’s IPO will be undertaken by way of an Offer For Sale (OFS) by certain existing and eligible shareholders, subject to market conditions, receipt of applicable approvals, regulatory clearances and other considerations,” IEX wrote in its filing.

IEX stated that the size of the IGX IPO, the opportune time, and modalities of the issue will be decided in due course of time, and that the exchanges will be kept abreast of the same.

The Indian Gas Exchange (IGX) is India’s first online, delivery-based trading platform for natural gas. IEX owns the entire 100% stake in IGX.

Launched in 2020, IGX was formed to provide a transparent and efficient market for spot and forward trading of natural gas, with physical delivery hubs in Dahej, Hazira and Kakinada.

Shares of IEX ended 1.2% higher on Tuesday at ₹148.35. The stock is still down nearly 30% from its 52-week high of ₹215.