Indian Gas Exchange files preliminary papers with SEBI for IPO
Indian Gas Exchange (IGX) has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The proposed IPO is entirely an Offer For Sale (OFS) of up to 1.67 crore equity shares by promoter Indian Energy Exchange (IEX).
The primary objective of the IPO is to achieve the benefits of listing its equity shares on the stock exchange, which it expects will enhance its visibility, strengthen its brand image and provide a public market for its shares. Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
IGX was incorporated in November 2019 as a wholly owned subsidiary of IEX. The company operates a technology-enabled electronic marketplace for trading natural gas through standardised physical delivery-based contracts across multiple delivery hubs connected to India's national gas pipeline network.
