Indian Gas Exchange (IGX), promoted by power trading platform Indian Energy Exchange (IEX), has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO), according to the regulator’s observations issued on October 12.
India’s first and only authorised physical delivery-based gas trading exchange had filed its draft red herring prospectus (DRHP) with SEBI in July to initiate the IPO process.
The capital markets regulator issued its observations on the draft offer document on Monday, allowing the company to proceed with its IPO plans. Following the issuance of observations, the company can launch its IPO within the next 12 months by filing the red herring prospectus (RHP) with the Registrar of Companies (RoC).
The proposed IPO comprises an offer for sale (OFS) of 1.67 crore equity shares by promoter IEX, which holds a 47.28 percent stake in the gas exchange.
NSE Investments is the largest public shareholder in IGX, with a 24.75 percent stake. Oil and Natural Gas Corporation (ONGC), GAIL (India), Torrent Gas, Adani Total Gas, and Indian Oil Corporation each hold a 4.92 percent stake in the company.