Indian Gas Exchange files for IPO on BSE, parent to sell shares

Indian Gas Exchange filed draft papers for an initial public offering on the BSE, a move that would make it the first gas exchange listed in India. The issue is entirely an offer for sale, so the exchange will not receive IPO proceeds; Indian Energy Exchange plans to sell up to 16.7 million shares and reduce its 47.3% holding to the 25% cap for a shareholder that is not a member of the exchange.

IGX is India’s first and only authorized national-level physical delivery-based gas trading exchange, launched on June 15, 2020, and operating as a gas exchange after Petroleum and Natural Gas Regulatory Board approval on December 2, 2020. When Petroleum and Natural Gas Minister Dharmendra Pradhan launched the platform, he said the new electronic trading system had "opened a new chapter in the energy history of India" and would help move the country toward free-market pricing of natural gas.

Gas still plays a relatively small role in India’s energy mix, even as the government pushes to lift its share to about 15% by 2030. IGX traded 76.79 million MMBtu in fiscal 2026, across 1,924 total trades, with 360 registered participants and 71,815.36 million in trade value. IGX’s profit rose 36.5% to 42.2 crore in fiscal 2026, while revenue increased 25% to 61.01 crore.

IGX counts GAIL (India) Ltd, Oil and Natural Gas Corporation, Indian Oil Corporation, Adani Total Gas, Torrent Gas and NSE Investments among its investors. Adani Total Gas and Torrent Gas each acquired 5% stakes in January 2021, GAIL took 5% in February 2021, ONGC took 5% in March 2021 and Indian Oil later bought a nearly 5% stake in December 2021. Axis Capital and Motilal Oswal Investment Advisors are managing the issue, while PNGRB draft rules limit non-member shareholders in a gas exchange to 25%.