TL;DR
IGX IPO DRHP was officially filed with SEBI on July 14, 2026, confirming a pure Offer for Sale IPO of India’s first automated gas trading platform. The issue remains entirely OFS-driven by the parent Indian Energy Exchange (IEX). Promoters IEX will sell up to 16.71 million shares.
Introduction
India Gas Exchange (IGX) is India’s first automated national level gas exchange. It operates as a transparent marketplace for natural gas trading. Established in 2020, IGX functions as a subsidiary of Indian Energy Exchange (IEX). Amongst the key shareholders are NSE, GAIL, ONGC, Torrent Gas, Adani Total Gas, and Indian Oil in earlier transactions.
The corporate office of IGX is in Noida and head office is in New-Delhi. The platform facilitates price discovery and organised gas trading across delivery-based contracts and physical hubs in India.
Key Products: Day-ahead, daily, weekly, fortnightly, monthly, and index-linked long duration gas contracts, GIXI (Gas Index of India) price benchmark.
IPO Snapshot
About the IPO
The IGX IPO is structured as a pure offer for sale involving 1,67,10,000 equity shares by IEX, with no fresh issue component confirmed in the DRHP. The proceeds will go entirely to IEX, IGX itself will not receive any capital from the listing.
The dilution is driven by PNGRB’s Gas Exchange Regulation, 2020, which caps any single promoters stake at 26% once an exchange is fully operational.
IPO Category-Wise Reservation
Investor Category | Shares Offered |
QIB | |
Retail | Not less than 35% of the Net Offer |
NII | Not more than 15% of the Net Offer |
IGX IPO Unlisted Share Price
Source: Stockify
Company Business Model-Indian Gas Exchange
Indian gas exchange operates as an electronic marketplace for trading natural gas through standardised physical delivery-based contracts. These contracts are traded across multiple delivery hubs connected to India’s national gas pipeline work.
The physical delivery of gas traded on the exchange is facilitated through 19 exchange points across five regional hubs. The transaction fees charged on the trades executed on its platform make up a bulk of the company’s revenue.
IGX earns revenue primarily through transaction fees charged on every gas trade executed on its platform. The fee structure is simple and transparent:
Ex-Hub Trades: Rs.4 per MMBtu traded
Delivered Trades: Rs. 6 per MMBtu traded
Annual Membership fees: Rs.5 lakh per member per year
Treasury Income: Investment income earned on margin money collected from members.
Financial Performance (FY23-FY26)
IGX has delivered strong growth over the last three years
Financials (Rs. Crore) | FY24 | FY25 | FY26 |
Total Income | 54.62 | 69.08 | 84.84 |
EBITDA | 33.92 | 46.09 | |
PAT | 23.05 | 30.79 | |
Net Worth | 116.66 | 147.71 | |
Total Assets | 294.58 | 308.02 |
Source: Outlook Money dated 16 July 2026
Promoters and Management
Shareholder | Pre-IPO Stake |
Indian Energy Exchange (IEX) | 47.3% |
NSE Investments Limited | 25.6% |
Other strategic investors are close to ~25% total.
Key management for the company is Rajesh Kumar Mediratta-Managing Director and CEO. He confirmed that the public issue is now expected to be launched before December 2026. (Source: VCCircle dated 15.7.2026)
Shareholding Pattern
Shareholders | Pre-IPO |
Promoters | ~99.6% |
Public | Nil |
IGX Unlisted Share Price (GMP)
The Indian Gas exchange unlisted share price is currently indicated at approximately Rs.410-Rs.545 per share in the pre-IPO unlisted market. At Rs.5.60 EPS (FY 26), this implies a P/E of approximately 71-97x in the grey/unlisted market.
Invest in IGX Unlisted Shares here.
Conclusion
For Long term investors: IGX can be a compelling infrastructure play if you believe in India’s gas transition story. Exchange businesses with monopoly positioning, high margins, and secular volume growth tend to command sustained premium valuations over time.
For listing gain seekers: With reservation quotas now public and DRHP officially filed, the next major wait will be of the price band.
Key Positives to Consider:
Monopoly of IGX. The company claims to have transparent and efficient price discovery, which is backed by a scalable technology platform.
IGX IPO DRHP formally filed with SEBI.
IGX has multi-contract flexibility and an operating leverage-led business model.
96% EBITDA margin, 36% YoY PAT growth
Regulatory-driven listing catalyst
Key Concerns:
OFS-only structure
Small revenue base because it has a limited number of participants for a large portion of its revenue, with the top 10 applicants accounting for 66.47% of revenue.
LNG Supply disruption risk
High unlisted market valuation
FAQs
When was the IGX IPO DRHP filed?
IGX IPO is the initial public offering of Indian Gas Exchange, which is now formally under SEBI review after DRHP filed on July 14, 2026.
Is IGX a mainboard IPO or an SME IPO?
It is expected to be a mainboard IPO given the company’s size and issue scale of Rs.600-Rs.700 crore.
What is the lot size and the minimum investment for IGX IPO?
The lot size and the minimum investment have not been announced yet.
What is IGX unlisted share price?
The IGX IPO unlisted shares are hovering around at approximately Rs.410-Rs.545 per share in the pre-IPO grey market.
What is the lock-in period of Indian Gas Exchange?
The lock-in period of Indian Gas Exchange varies like this:
For retail investors, the lock-in period is 6 months from the date of listing of Indian Gas Exchange.
For Venture Capital Funds, the lock-in period is 6 months from the date of acquisition of Indian Gas Exchange.
For AIF-II, there is no lock in period.
How is the price for Indian Gas Exchange calculated?
The Fundamental and Comparative Valuation Model and the forces of demand and supply in the market for the unlisted shares dictate the price.
How can you buy Indian Gas Exchange Unlisted Shares?
You can buy IGX unlisted shares with us.
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