Indian Gas Exchange files DRHP for IPO; IEX to sell 1.67 crore shares via OFS

Indian Gas Exchange, promoted by Indian Energy Exchange and described as the country’s first and only authorised national-level physical delivery-based gas trading exchange, has filed draft papers with the Securities and Exchange Board of India for an initial public offering.

The proposed IPO is entirely an offer for sale of 1.67 crore equity shares by promoter Indian Energy Exchange, with no fresh issue of shares. As a result, the proceeds from the offer will go to the selling shareholder, IEX, and IGX will not receive any funds from the issue.

Indian Energy Exchange, the country’s largest electricity trading exchange, holds a 47.28 per cent stake in IGX. NSE Investments is the largest public shareholder with a 24.75 per cent stake. Other public shareholders in Indian Gas Exchange are Oil and Natural Gas Corporation, GAIL (India), Torrent Gas, Adani Total Gas, Indian Oil Corporation, and IGX ISOS Trust.

Incorporated in November 2019, Indian Gas Exchange operates a physical delivery-based market model under which natural gas is actually transferred and delivered. Along with spot physical delivery contracts such as intraday, day-ahead and daily contracts, it also offers physical delivery contracts in its forward contracts segment with tenures of up to six months.

IGX reported growth in trading activity, with cumulative traded volumes rising at a CAGR of 37.12 per cent to 76.79 million Metric Million British Thermal Units in the financial year ended March 2026 from 40.84 million MMBtu in FY24. Profit in FY26 rose 36.5 per cent to Rs 42 crore from Rs 30.8 crore in the previous financial year, while revenue increased 25 per cent to Rs 61 crore from Rs 48.8 crore.

If the listing goes through, IGX will become the first gas exchange to be listed on the stock market. Its equity shares are proposed to be listed exclusively on the BSE, with Axis Capital and Motilal Oswal Investment Advisors appointed as the book-running lead managers for the issue.