Seventh day of deliberations on the regulator's portal, IGX has hit a milestone. The draft red‑herring lists an offer‑for‑sale of 1.67 cr equity shares, all streamed to IEX, leaving IGX with no proceeds. The move clears the final hurdle, allowing the company to advance to the next compliance steps.
IGX, a wholly‑owned IEX arm since 2019, operates a purely physical gas exchange across 12 delivery hubs. Its trading platform, live since June 2020, has pulled in ₹61 cr of operating revenue for FY24, a 25 % jump over ₹48.8 cr in FY25 and a 75 % rise from ₹34.8 cr in FY23. The jump reflects higher trading volumes and a spike in commodity prices.
IEX holds 47.5 % of IGX, part of a plan to trim its stake to 25 % per SEBI norms. Axis Capital and Motilal Oswal will run the book, while KFin Tech will register. CEO Rajesh Kumar Mediratta said the company will aim for a December 2026 listing, a move that could unlock further capital and improve liquidity.
The approval falls in a summer of brisk primary‑market activity. In 2026, 96 public issues have already raised ₹1.1 lakh crore, with several more slated for the month. IGX's entry will tip the balance of non‑financials, adding a new player in the energy derivatives space.
Looking ahead, IGX will need to meet the 25 % stake reduction and file final prospectus in the coming months. The listing window remains open until September 2026, after which the company will need to secure a full offer if it misses the December deadline.