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

Indian Energy Exchange

14/07/2026 20:04

Updates with details and background throughout
July 14 (Reuters) - Indian Gas Exchange (IGX) has filed for an initial public offering, draft papers showed on Tuesday, as parent Indian Energy Exchange (IEX) IIAN.NS 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 GAIL.NS, ONGC ONGC.NS, Indian Oil IOC.NS, Adani Total Gas ADAG.NS, Torrent Gas TORR.BO 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)

 (Reporting by Bipasha Dey in Bengaluru; Editing by Shailesh Kuber)
 ((Bipasha.Dey@thomsonreuters.com;))