Indian Gas Exchange (IGX), an associate company of Indian Energy Exchange (IEX), is aiming to launch its initial public offering by December 2026, as per a Reuters report.
The proposed IPO will be used to raise funds through an offer for sale by existing shareholders, marking the next phase of growth for India’s gas trading platform.
IEX to dilute 22% stake
The Reuters report indicated that as part of the public listing, Indian Energy Exchange is expected to dilute a 22% stake in Indian Gas Exchange.
IEX currently holds a significant shareholding in the gas exchange. The dilution would allow broader investor participation while retaining strategic alignment between the two entities.
Board approval already in place
The IPO plan has already received in-principle approval from the board of the Indian Gas Exchange. In a regulatory filing, Indian Energy Exchange said the board of directors of IGX, at its meeting held on December 2, 2025, approved the initiation of the IPO process for equity shares of face value Rs 10 each.
The issue will be conducted through an offer for sale by certain existing and eligible shareholders, subject to market conditions and regulatory approvals.
Issue size and timing yet to be finalised
According to the filing, the “size of the issue, opportune time and modalities” will be decided in due course, taking into account market conditions and necessary regulatory clearances.
While the Reuters report indicated a December 2026 timeline for the IPO, IGX has not made any official announcement regarding the size of the issue, valuation, or exact structure of the offering.
The company said it will keep stock exchanges informed of material developments related to the IPO, in line with regulatory requirements.
Gas trading platform
Indian Gas Exchange operates an electronic trading platform for natural gas, offering spot, forward and delivery-based contracts. It plays a key role in India’s push towards transparent price discovery and market-based gas pricing.
As per the data shared by IEX along with its Q2FY26 earnings, IGX traded 161 lakh MMBtu of gas in Q2FY26. This marked 37% increase from last year. The profit after tax came out to be Rs 9.6 crore. The PAT for the same period last year was Rs 6.1 crore, thereby marking a 57% increase in Q2FY26.