INDIAN GAS EXCHANGE LIMITED FILES DRHP WITH SEBI
Mumbai 16 th July 2026 ( TGN ) : Indian Gas Exchange Limited (“the Company”), India’s first and only authorized national level physical delivery-based gas trading exchange, providing an organized, transparent and technology-enabled marketplace for trading natural gas, (Source: CRISIL Report) in accordance with the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020, as amended (“Gas Exchange Regulations”) has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The Company plans to raise funds through offer of equity share capital via initial public offering. The Public Offer comprises ‘Offer for Sale’ of up to 16,710,000 equity shares with face value Rs.10 each share.
The Company’s trading platform was inaugurated in June 2020, and in December 2020, we were granted authorization by the Petroleum and Natural Gas Regulatory Board to operate as an authorized gas exchange. The Company has established an electronic exchange platform that facilitates the buying and selling of natural gas across India through standardized, delivery-based contracts.
The Exchange operates through a technology-driven and fully automated electronic marketplace, enabling market participants to transact seamlessly across multiple delivery hubs connected to India’s national pipeline network and improving access to natural gas markets across geographically dispersed regions.
The Company’s market model creates significant operational differentiation and high entry barriers, as it requires integration with transportation infrastructure, coordination with multiple pipeline operators, robust clearing and settlement mechanisms, and operational expertise. (Source: CRISIL Report)
Axis Capital Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers (BRLMs) to the issue.
About Indian Gas Exchange Limited
Indian Gas Exchange Limited (“The Company”) was incorporated in November 2019 as a wholly owned subsidiary of Indian Energy Exchange Limited (“IEX”). IEX operates India’s largest electricity trading exchange in terms of total electricity traded in the last three Fiscals. (Source: CRISIL Report)
The Company’s product portfolio includes fixed price contracts, including spot contracts and forward contracts, which enable Participants to procure or sell gas based on short-term demand requirements or longer planning cycle.
Spot contracts on the company’s Exchange include intra-day, day-ahead and daily contracts, which enable Participants to address immediate supply-demand requirements. Forward contracts include weekly, weekday, fortnightly, monthly and balance-of-month contracts, which allow Participants to plan gas procurement over a longer duration.
In Fiscals 2026, 2025 and 2024, the company’s revenue from operations were ₹ 610.05 million, ₹ 488.01 million and ₹ 348.49 million, respectively.
Unlike several international gas trading exchanges where a significant proportion of contracts are financially settled, (Source: CRISIL Report) the company operates a physical delivery-based market model that facilitates actual transfer and delivery of natural gas.
In addition to spot physical delivery contracts such as intraday, day-ahead and daily contracts, the company offer physical delivery contracts within its forward contracts offering, with tenures extending up to six months, whereas other international gas exchanges are limited to spot contracts of intraday, day ahead and daily in the physical delivery segment. (Source: CRISIL Report)
