India’s first automated national-level natural gas trading platform, Indian Gas Exchange (IGX), has filed draft papers with the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The proposed issue is entirely an offer for sale (OFS) by promoter Indian Energy Exchange (IEX), meaning IGX will not receive any proceeds from the offering. The listing is aimed at enhancing the company’s visibility while helping IEX reduce its stake to comply with regulatory requirements.
IPO Details
Particulars
Details
IPO Type
Offer for Sale (OFS)
Shares on Offer
Up to 16.71 million equity shares
Selling Shareholder
Indian Energy Exchange (IEX)
Fresh Issue
None
Proceeds to Company
Nil
Proceeds to Seller
Entire proceeds go to IEX
Stock Exchanges
NSE and BSE
Shareholding and Issue Allocation
Metric
Details
IEX Stake in IGX
Over 47%
Regulatory Shareholding Requirement
Reduce to 25%
QIB Allocation
50%
Retail Investor Allocation
35%
Non-Institutional Investor Allocation
15%
About Indian Gas Exchange
Category
Details
Incorporated
2019
Parent Company
Indian Energy Exchange (IEX)
Trading Platform Launched
June 2020
PNGRB Authorisation
December 2020
Business
Electronic marketplace for physical delivery-based natural gas trading
Contract Types
Standardised physical delivery contracts and forward contracts of up to six months