Indian Energy Exchange IPO priced at Rs 1,645-1,650

Private equity backed-Indian Energy Exchange’s initial public offer will open on Oct 9 and close on Oct 11, the company announced Friday.

The IPO offers shares of face value Rs 10 each in the price band of Rs 1,645 - Rs 1,650 and offers 6.1 million shares being sold by existing shareholder. While most investors are trimming their respective shareholding, Tata Power Company will be exiting its investment.

Dalmiya Cement Bharat owns 15% and TVS 10% in the market. Other investors of the company, like Aditya Birla Group’s private equity arm, Madison India Capital, and Renuka Ramnath-led Multiples Alternate Asset Management would be paring their holdings.

India currently has two operational power exchanges which provide generators and buyers with a platform for short term trades, in the day-ahead market—IEX and National Stock Exchange-promoted Power Exchange India.