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Indian Gas Exchange Ltd (IGX), which operates an electronic marketplace for trading natural gas in India and an associate company of Indian Energy Exchange Ltd (IEX), on Wednesday said it has filed for an initial public offering (IPO).

According to a regulatory filing, the company filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) and BSE for its proposed initial public offering (IPO).

It said that the proposed IPO comprises an offer for sale of up to 16.71 million equity shares by IEX. It added that the proposed offering remains subject to regulatory approvals, market conditions and other relevant considerations.

IGX counts GAIL, ONGC, Indian Oil, Adani Total Gas, Torrent Gas, ⁠and NSE Investments among its other shareholders, according to a Reutersreport. It added that the Noida-based company posted a 36.5 per cent rise in annual profit to $4.37 million in fiscal 2026.

It added that Axis ⁠Capital and Motilal Oswal Investment Advisors are managing the offering.