Indian Gas Exchange IPO
Indian Gas Exchange IPO is a Mainboard book-built issue of up to 1.67 crore equity shares, consisting entirely of an Offer for Sale by Indian Energy Exchange Limited. The face value is ₹10 per share, while the IPO price band, issue amount, lot size and bi
Indian Gas Exchange IPO Details
Indian Gas Exchange IPO is an upcoming Mainboard IPO. The company filed its Draft Red Herring Prospectus dated July 14, 2026 with SEBI and BSE. The IPO comprises an Offer for Sale of up to 1,67,10,000 equity shares by Indian Energy Exchange Limited. The IPO dates, price band and lot size have not yet been announced. The equity shares are proposed to be listed on BSE.
Indian Gas Exchange IPO Lot Size
The Indian Gas Exchange IPO lot size has not yet been announced. The price band and minimum application amount will be updated once the company announces the final IPO terms.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Indian Gas Exchange IPO Reservation
Indian Gas Exchange IPO is proposed to have not more than 50% of the Net Offer available for Qualified Institutional Buyers, not less than 15% for Non-Institutional Bidders and not less than 35% for Retail Individual Bidders, subject to the final Offer Structure.
Indian Gas Exchange IPO Subscription
Indian Gas Exchange IPO has not yet opened for subscription. Subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
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| QIB | |
| NII | |
| RII | |
| Total |
About Indian Gas Exchange
Indian Gas Exchange Limited (IGX) is India's first and only authorised national-level physical delivery-based gas trading exchange. The company provides an organised, transparent and technology-enabled marketplace for trading natural gas, with physical delivery and settlement of contracts. IGX operates under the regulatory framework prescribed for gas exchanges in India.
The exchange serves participants across the natural gas value chain, including gas producers, gas marketing companies, city gas distribution companies, power generation companies, refineries, fertiliser companies, LNG terminal operators and industrial consumers. IGX facilitates physical delivery of natural gas through 19 delivery points across India connected to five regional hubs.
IGX operates through a technology-enabled exchange platform rather than a conventional manufacturing model. The company has one operating segment and does not have manufacturing facilities. Its registered office is in New Delhi, corporate office is in Noida and regional office is in Ahmedabad.
The company has expanded its trading activity and participant base over the past three financial years. In FY2026, IGX recorded revenue from operations of ₹610.05 million, profit after tax of ₹420.22 million, trade volume of 76.79 million MMBtu and 360 registered participants.
Strengths
- India's first and only authorised national-level physical delivery-based gas trading exchange.
- Transparent and efficient price discovery supported by a technology-enabled exchange platform.
- Pan-India market reach with participants across the natural gas ecosystem.
- Multi-contract flexibility supporting a scalable and operating leverage-led business model.
- Operations under a dedicated regulatory framework for gas exchanges.
- Strong parentage and energy-market experience through Indian Energy Exchange Limited.
Risks to Consider
- An inability to maintain or grow trading volumes could adversely affect the company's business and financial performance.
- Disruption in global natural gas supply could affect execution of contracts and business operations.
- The company is required to comply with the regulatory framework governing gas exchanges in India.
- Changes in policies and regulations governing the natural gas sector may adversely affect the business.
- Dependence on India's national gas pipeline network and delivery-point infrastructure creates operational risks.
- A significant portion of revenue comes from key participants, creating customer concentration risk.
- Technology failures, exchange downtime or information-system disruptions could adversely affect operations.
- Dependence on third-party technology service providers and vendors creates operational risk.
- Ineffective compliance and risk-management methods could adversely affect the company's reputation and financial performance.
- The company benefits from the support and experience of its promoter, Indian Energy Exchange Limited.
Indian Gas Exchange Financials (₹ Cr)
Indian Gas Exchange reported strong financial growth over the last three financial years. Revenue from operations increased from ₹348.49 crore in FY2024 to ₹488.01 crore in FY2025 and ₹610.05 crore in FY2026. Profit after tax increased from ₹230.50 crore in FY2024 to ₹307.93 crore in FY2025 and ₹420.22 crore in FY2026. Net worth increased from ₹116.66 crore in FY2024 to ₹147.71 crore in FY2025 and ₹179.03 crore in FY2026. Total assets stood at ₹477.73 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹348.49 Cr | ₹230.50 Cr | ₹294.58 Cr | ₹116.66 Cr |
| FY2025 | ₹488.01 Cr | ₹307.93 Cr | ₹308.02 Cr | ₹147.71 Cr |
| FY2026 | ₹610.05 Cr | ₹420.22 Cr | ₹477.73 Cr | ₹179.03 Cr |
KPIs & Valuation
At the DRHP stage, Indian Gas Exchange reported basic EPS of ₹5.68 and diluted EPS of ₹5.66 for FY2026. NAV was ₹23.87 per share and Return on Net Worth was 23.47%. The company reported Return on Equity of 25.72% and Return on Capital Employed of 31.71%. Since the IPO price band has not been announced, the P/E ratio cannot yet be calculated.
Objects of the Issue
The Indian Gas Exchange IPO comprises an Offer for Sale of up to 1.67 crore equity shares by Indian Energy Exchange Limited. Since the IPO is entirely an Offer for Sale, Indian Gas Exchange will not receive any proceeds from the Offer. The selling shareholder will be entitled to the proceeds from the Offer, after deducting the offer expenses and applicable taxes. The company proposed to utilise the IPO proceeds for:
- The proceeds from the Offer will be received by the Selling Shareholder, Indian Energy Exchange Limited.
- Indian Gas Exchange will not receive any proceeds from the Offer.
- The Offer is intended to provide the benefits of listing the equity shares on the Stock Exchange.
Promoters, Lead Managers & Registrar
Indian Gas Exchange Limited is promoted by Indian Energy Exchange Limited. Axis Capital Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the Offer, while KFin Technologies Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 180 0309 4001 |
| indiangas.ipo@kfintech.com | |
| Website | http://www.kfintech.com |
Indian Gas Exchange IPO Review
Indian Gas Exchange has a differentiated position in India's natural gas market as the country's first and only authorised national-level physical delivery-based gas trading exchange. The company operates an asset-light, technology-enabled exchange model and has expanded its trading volumes, number of trades and registered participants over the last three financial years. Revenue from operations increased from ₹348.49 million in FY2024 to ₹488.01 million in FY2025 and ₹610.05 million in FY2026, while profit after tax increased from ₹230.50 million to ₹307.93 million and ₹420.22 million during the same period.
A key positive is the company's strong operating leverage. EBITDA increased from ₹339.17 million in FY2024 to ₹460.88 million in FY2025 and ₹586.08 million in FY2026, while EBITDA margin remained above 94% in all three years. The company also reported 360 registered participants and 76.79 million MMBtu of trade volume in FY2026. The expanding addressable market for exchange-based gas trading provides potential room for further growth if trading volumes and liquidity continue to increase.
However, the IPO is entirely an Offer for Sale, meaning the company will not receive funds from the issue for expansion or other corporate purposes. Investors also need to consider dependence on trading volumes, participant concentration, regulatory changes, natural-gas supply conditions, pipeline infrastructure and technology systems. Since the DRHP does not contain a final price band, the valuation cannot yet be assessed through the IPO P/E multiple.
How to Apply
Indian Gas Exchange IPO applications can be made through ASBA or UPI once the IPO opens for subscription and the final bidding details are announced. The IPO dates, price band and lot size have not yet been disclosed. Investors should check the final RHP and IPO announcement for the confirmed application limits and bidding details.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Indian Gas Exchange IPO.
- Enter the number of lots you want to apply for once the lot size is announced.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's Draft Red Herring Prospectus for detailed information about the business, financial performance, risk factors, IPO structure, selling shareholder and other offer-related information. The DRHP is dated July 14, 2026. The final RHP and Prospectus are not yet available at the DRHP stage.
Last updated Oct 6, 2026.