Indian Energy Exchange IPO overall subscribed 2.28 times

NEW DELHI: The initial public offering ( IPO) of Indian Energy Exchange (IEX) got subscribed by 2.28 times on the final day of the bidding process on Wednesday.

The issue received bids for 1,20,44,799 shares by till 7 pm against issue size of 52,75,889 shares, according to data available with NSE.

The Rs 1,001 crore IPO got subscribed by 43 per cent on the second day of the bidding process on Tuesday while it was subscribed 15 per cent on day 1.

Energy trading is at a nascent stage in India with only 3 per cent market volumes traded through exchange compared with 30-35 per cent in developed countries.

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.

Indian Energy Exchange on Wednesday reduced the anchor investor allocation to 7,89,120 shares from 18,19,501, ET Now reported.

IEX is India's first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.