Indian Gas Exchange (IGX) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The issue is structured entirely as an Offer for Sale (OFS), with no fresh issue of equity shares, meaning the company will not receive any proceeds from the offering.

According to the DRHP, the IPO comprises the sale of up to 16.71 million equity shares by Indian Energy Exchange (IEX), which currently holds a 47.28% stake in IGX. Post the IPO, IEX’s shareholding is expected to reduce to 25%, in line with the regulatory ownership limit applicable to shareholders of a gas exchange.

Ahead of the proposed listing, IGX reported revenue of ₹84 crore in FY26, an increase of 21% from ₹69 crore in FY25. Net profit rose 36% year-on-year to ₹42.02 crore, compared with ₹30.79 crore in the previous financial year.

IGX shares are currently trading at around ₹405 per share in the unlisted market. However, investors should note that the unlisted market price does not indicate the final IPO price, which will be announced closer to the public issue.

Axis Capital and Motilal Oswal Investment Advisors have been appointed as the Book Running Lead Managers (BRLMs) to the IPO.