The proposed IPO will be entirely an offer for sale (OFS), with parent Indian Energy Exchange (IEX) planning to sell up to 1.67 crore shares. Since the issue does not include a fresh equity component, IGX will not receive any proceeds from the offering.
The stake sale is aimed at complying with regulatory norms. IEX currently holds 47.3% in IGX and plans to reduce its shareholding to 25%, which is the maximum ownership permitted for any shareholder that is not a member of a gas exchange.
According to the draft prospectus, IGX’s shares are proposed to be listed on the BSE.
Earlier this year, IGX Managing Director and CEO Rajesh Kumar Mediratta told news agency PTI that the company had deferred its IPO by a year after seeking an extension. The public issue is now expected to be launched before December 2026.
Looking ahead, the exchange plans to expand its product offerings, subject to regulatory approvals. Mediratta had earlier said IGX intends to introduce one-year and two-year gas contracts, in addition to long-term contracts with tenures of three months and six months. At present, the exchange offers day-ahead and five term-ahead contracts – daily, weekday, weekly, fortnightly and monthly.
Longer-duration contracts are still a small part of the business. The three-month and six-month contracts contributed less than 5% of total traded volumes in FY26, while monthly contracts accounted for 59% of volumes during the first nine months of FY26. Overall, trading volumes on the exchange increased 46% during the April-December 2025 period.
Beyond gas contracts, IGX also plans to launch a platform for booking regasified liquefied natural gas (R-LNG) capacity, besides introducing a hydrogen index and hydrogen trading platform.
IGX operates an electronic marketplace for natural gas, facilitating spot, forward and delivery-based contracts.
Apart from IEX, the exchange’s shareholders include GAIL, ONGC, Indian Oil Corporation, Adani Total Gas, Torrent Gas and NSE Investments.
For FY26, the Noida-based company reported a 36.5% increase in net profit to ₹42.02 crore, while revenue rose 25% to ₹61 crore.
Axis Capital and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
