Indian Gas Exchange Ltd (IGX), the country’s first online delivery-based trading platform for natural gas, has filed preliminary papers with markets regulator Sebi to launch an Initial Public Offering (IPO).

The proposed public issue is entirely an Offer For Sale (OFS) of up to 1.67 crore equity shares by promoter Indian Energy Exchange Ltd (IEX), according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday (July 14, 2026).

As the issue is entirely an OFS, IGX will not receive any proceeds from the IPO. The entire proceeds will go to the selling shareholder, IEX.

The company, in the draft papers, said the primary objective of the IPO is to achieve the benefits of listing its equity shares on the stock exchange, which it expects will enhance its visibility, strengthen its brand image and provide a public market for its shares.

Indian Energy Exchange holds over 47% stake in IGX, and as per regulations, it has to bring it down to 25%.

IGX was incorporated in November 2019 as a wholly owned subsidiary of IEX. Its electronic gas trading platform was inaugurated in June 2020, and it received authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate as a gas exchange in December 2020.

The company operates a technology-enabled electronic marketplace for trading natural gas through standardised physical delivery-based contracts across multiple delivery hubs connected to India’s national gas pipeline network.

According to the draft papers, unlike several international gas exchanges where a significant share of contracts are financially settled, IGX operates a physical delivery-based market and also offers forward contracts with tenures of up to six months.

For the financial year ended March 2026, the company reported revenue from operations of ₹61 crore, compared with ₹48.8 crore in FY25 and ₹34.8 crore in FY24.

In January, IGX’s Managing Director and CEO Rajesh Kumar Mediratta said the country’s first online delivery-based natural gas trading platform was targeting an IPO by December 2026.

Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while KFin Technologies Ltd. is the registrar.