Indian Gas Exchange

Company Overview & Fundamentals

Indian Gas Exchange Limited (IGX) is India’s first and only Petroleum and Natural Gas Regulatory Board (PNGRB) authorized national-level automated physical delivery-based gas exchange. Incorporated in November 2019 as a wholly-owned subsidiary of Indian Energy Exchange (IEX), IGX operates an electronic platform that provides transparent price discovery and facilitates trading in natural gas across standard, short-term, and forward contracts.

• Business Model: Operates a transaction-fee-based trading exchange. It supports physical delivery of gas through 19 designated delivery points across 5 regional gas hubs connected to the national pipeline network.

• Strategic Stakeholders: Promoted by IEX (holding ~47.28%), its key institutional equity partners include GAIL, ONGC, Indian Oil Corporation (IOCL), Adani Total Gas, Torrent Gas, and NSE Investments.

• Regulatory Context: According to PNGRB regulations, non-member promoter entities (such as IEX) must reduce their individual equity shareholding in a gas exchange to a maximum of 25% by December 31, 2026.

Financial Performance (FY24 – FY26 Trend)

IGX operates an asset-light, high-margin exchange business that scales with overall natural gas volume growth across the domestic grid.

(Sources: Company Financial Reports & Draft Red Herring Prospectus disclosures)

DRHP & Upcoming IPO Details

IGX officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on July 14, 2026.

• Issue Type: 100% Offer for Sale (OFS).

• Offer Size: Up to 1,67,10,000 Equity Shares (1.67 Crore shares).

• Fresh Issue Element: Nil. The company will not receive any proceeds; all proceeds go directly to the selling promoter (IEX) to facilitate mandatory shareholding dilution to 25%.

• Proposed Listing: BSE & NSE.

• Book Running Lead Managers: Axis Capital Limited and Motilal Oswal Investment Advisors.

• Registrar: KFin Technologies Limited.