Indian Energy Exchange (IEX) has a 47 percent stake in IGX and has to reduce it to 25 percent as per regulations.“The IPO was supposed to take place in 2025, but we have asked for a one-year extension. It is now likely before December 2026,” Mediratta said.
The IPO papers are likely to be filed with capital markets regulator Sebi in the second quarter of calendar year 2026.
“As much as 22 percent shares are likely to be offered in the share sale,” he said, but declined to speculate on valuations.
Brokers last valued IGX at Rs 2,200-3,000 crore. A small premium over the valuation would mean the sale of 22 per cent stake could be worth Rs 600-700 crore.
IGX operates an electronic trading platform for natural gas, offering spot, forward and delivery contracts.
Last month, IEX had informed stock exchanges that its board had approved IGX to start the process of an IPO for shares with a face value of Rs 10.”The IPO will be undertaken by way of an offer for sale by certain existing and eligible shareholders, subject to market conditions, receipt of applicable approvals, regulatory approvals and other considerations,” IEX had said in a stock exchange filing.
Mediratta said IGX saw volume growth of 62 percent in the calendar year, with approximately 5.4 million standard cubic meters of gas traded on the exchange per day.
The natural gas traded on the platform represents about 2.75 percent of the over 190 mmcmd of gas consumed in the country.
The exchange is targeting a 5 percent share in 2029 and 7 percent in 2030, he said.
Gas consumption in India is expected to rise from 190 mmscmd in 2025 to 297 mmscmd in 2030.
IGX sees falling gas prices – from $14 per million British thermal units in March 2025 to $11 in December and further to $6-8 per mmBtu this year – boosting city gas consumption and the energy sector, which typically buys the fuel on the stock exchange.
While the exchange currently offers contracts from intraday to 6 months, it plans to launch one- and two-year supply contracts this year, Mediratta said.
The company also plans to launch a platform to enable liquefied natural gas (LNG) sellers to book capacity at import and regasification terminals in the country.
IGX is awaiting regulatory approval to launch both in 2026, he said.
In addition, the country wants to venture into LNG trading, the sale of petroleum products for industrial use, such as fuel oil, naphtha, ATF and bitumen, and wants to launch a hydrogen index that would indicate the price of green hydrogen and its derivatives.
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