SEBI issued its observations on the Indian Gas Exchange IPO on 12 October 2026, clearing the company to launch its public issue. The IPO is entirely an offer for sale of up to 1.67 crore shares by its promoter, Indian Energy Exchange (IEX).
What is the Indian Gas Exchange IPO?
Indian Gas Exchange (IGX) runs India's only authorised exchange where natural gas is traded for physical delivery. Gas producers, city gas distributors, power and fertiliser companies and refineries trade on it. It was incorporated in November 2019 and got its PNGRB authorisation in December 2020.
The issue is a pure offer for sale, or OFS. That means existing shareholders sell and the company gets no money. All proceeds go to IEX. The draft papers say the purpose of the listing is a public market for the shares and more visibility.
| Item | Detail |
|---|---|
| Issue | Offer for sale of up to 1.67 crore shares |
| Selling shareholder | Indian Energy Exchange (IEX) |
| IEX holding now | 47.28% |
| Largest public shareholder | NSE Investments, 24.75% |
| Others at 4.92% each | ONGC, GAIL, Torrent Gas, Adani Total Gas, Indian Oil |
| Lead managers | Axis Capital, Motilal Oswal Investment Advisors |
| DRHP filed | July 2026 |
Why IEX has to sell
IEX holds over 47% of IGX. As per regulations, it has to bring that down to 25%, as reported by Upstox. This sale is one step in that direction. IGX began as a wholly owned subsidiary of IEX.
How big is the business?
On the restated numbers in the DRHP, revenue from operations was ₹610.05 million (about ₹61 crore) in FY26, up from ₹488.01 million in FY25 and ₹348.49 million in FY24. Profit after tax was ₹420.22 million, about ₹42 crore. Moneycontrol reports that profit rose 36.5% over the previous year. The company has no borrowings in any of the three years.
In FY26 the exchange traded 76.79 million MMBtu of gas across 1,924 trades, against 60.02 million MMBtu the year before. It had 360 registered participants at the end of the year.
What our data shows
Indian Gas Exchange already trades in the unlisted market, and our Indian Gas Exchange unlisted share page shows a dealer quote of ₹475 as of 12 October. That is also its 52-week high. The 52-week low is ₹398. Our price history, which runs from 19 May, starts at ₹435 and was ₹425 on 29 May, so the latest quote is about 9% above where we first tracked it. One lot in the unlisted market is 250 shares, which at ₹475 is ₹1,18,750. Unlisted prices are quotes from dealers, not exchange prices, and the IPO price may be very different.
What happens next
With SEBI's observations in hand, IGX can launch the IPO within 12 months by filing its red herring prospectus with the Registrar of Companies. No date, price band or final share count has been announced. The price band will come with the RHP. You can follow the company on the upcoming mainboard IPO page and other pre-IPO names on our unlisted shares page. The facts above are as reported by Moneycontrol.
