Indian Gas Exchange Files IPO Papers; IEX To Sell 1.67 Crore Shares Via OFS

Indian Gas Exchange (IGX) has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), with the issue comprising an offer for sale (OFS) of 1.67 crore equity shares by promoter Indian Energy Exchange (IEX).

Since the IPO does not include a fresh issue, IGX will not receive any proceeds from the offering.

IEX shares were trading at ₹118.87 on 15 July, Wednesday, at 3:30 PM, up 1.53%.

Why Is IEX Selling Its Stake?

The IEX stake sale is aimed at complying with regulatory norms rather than raising capital for IGX. After the transaction, IEX's ownership will fall from 47.28% to the permitted limit of 25%.

Apart from IEX, IGX's shareholders include NSE Investments, which owns a 24.75% stake, along with Oil and Natural Gas Corporation (ONGC), GAIL (India), Indian Oil Corporation, Adani Total Gas, Torrent Gas and IGX ISOS Trust.

Strong Growth Ahead Of IGX IPO

Founded in November 2019, IGX operates India's first and only authorised national-level physical delivery-based gas trading exchange. The platform enables trading in natural gas through intraday, day-ahead, daily and forward contracts with maturities of up to six months.

The exchange has reported steady business growth in recent years. Cumulative traded volumes rose at a compound annual growth rate (CAGR) of 37.12% to 76.79 million Metric Million British Thermal Units (MMBtu) in FY26 from 40.84 million MMBtu in FY24.

Financial performance also improved during the year. Profit climbed 36.5% to ₹42 crore in FY26 from ₹30.8 crore a year earlier, while revenue increased 25% to ₹61 crore from ₹48.8 crore.

Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers for the Indian Gas Exchange IPO. IGX plans to list its shares exclusively on the BSE, and if the issue goes through, it will become India's first listed gas exchange.

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