Indian Gas Exchange files for IPO as parent IEX looks to pare stake

Indian Gas Exchange (IGX) has filed for an initial public offering, draft papers showed on Tuesday, as parent Indian Energy Exchange (IEX) looks to pare its stake in the gas trading ‌exchange ⁠to comply ⁠with regulatory rules.

IEX, which currently owns 47.3% of IGX, will sell up to 16.7 million shares in the offering, reducing its stake to 25% -the regulatory ceiling on ownership of a gas exchange ⁠by any ‌shareholder that isn't itself a member of the exchange.

IGX ⁠shares are expected to list on the BSE, according to its draft prospectus. The company is not selling new shares in the IPO and will not receive any proceeds.


IGX counts GAIL, ONGC, Indian Oil, Adani Total ‌Gas, Torrent Gas and NSE Investments among its other shareholders.

The Noida-based company posted ⁠a 36.5% rise in annual profit to 420.2 million rupees ($4.37 million) in fiscal 2026, while revenue grew 25% to 610.1 million rupees.

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

($1 = 96.2000 Indian rupees)