Indian Gas Exchange (IGX), India’s first automated, national-level gas trading platform, is preparing to enter the capital markets by December 2026. The company is expected to file its draft red herring prospectus (DRHP) with the market regulator in the second half of the year, marking a key milestone in the evolution of India’s gas trading ecosystem.
IPO timeline and regulatory filings
Speaking to news agency PTI, Rajesh Kumar Mediratta, Managing Director and CEO of Indian Gas Exchange, said the public issue was earlier planned for 2025 but was deferred after the company sought a one-year extension. With timelines now firming up, IGX is aiming to complete the listing process before the end of December 2026.
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The proposed IPO will be entirely an offer for sale (OFS), involving existing shareholders. The DRHP is likely to be submitted to Securities and Exchange Board of India in the latter half of the calendar year.
IEX stake sale and offer size
At present, Indian Energy Exchange holds a 47% stake in IGX. Under regulatory norms, this holding must be reduced to 25%, paving the way for a significant stake dilution through the IPO.
Mediratta said around 22% of IGX’s equity shares are expected to be offered in the public issue, though he declined to comment on valuations. Brokerages have previously pegged IGX’s valuation in the range of ₹2,200–₹3,000 crore. At that level, the stake sale could be worth roughly ₹600–₹700 crore, according to PTI estimates.
Last month, IEX’s board approved the initiation of the IPO process for IGX, with shares having a face value of ₹10. In a stock exchange filing, IEX clarified that the listing would be subject to market conditions, regulatory approvals and other customary clearances.
Business model and growth momentum
IGX operates an electronic trading platform for natural gas, offering spot, forward and delivery-based contracts. The exchange has been seeing strong traction. Mediratta said trading volumes on the platform rose 62% in the calendar year, with average daily volumes of about 5.4 million standard cubic metres of gas.
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Despite this growth, gas traded on IGX currently accounts for only about 2.75% of India’s total gas consumption, which stands at over 190 million standard cubic metres per day. The company is targeting a 5% market share by 2029 and 7% by 2030, signalling ample headroom for expansion.
Broader IPO landscape
IGX’s planned listing comes at a time when the primary market remains active. In recent days, SEBI cleared IPO proposals from eight companies, including Chartered Speed, Shriram Food Industry, Glass Wall Systems (India), Indira IVF, RKCPL, Rays of Belief, Jerai Fitness and Tempsens Instruments (India). These firms had filed their DRHPs between July and October and received regulatory observations between December 26 and January 2.
For investors tracking infrastructure-linked and energy market plays, IGX’s IPO could be one of the more closely watched public issues of 2026.
