The Indian Energy Exchange (IEX), India’s power trading platform, is expected to launch an initial public offering (IPO) soon. The IEX filed draft papers with the Securities and Exchange Board of India (SEBI) for the IPO launch.
According to PTI, the existing shareholders in IEX, including Tata Power Company, Aditya Birla Group, Madison India Capital, and Multiples Alternate Asset Management, will sell a total of 6,065,009 equity shares in the IPO. AF Holdings, Kiran Vyapar Ltd, Golden Oak (Mauritius) Ltd, and IEX’s former chief executive Jayant Deo, will sell their shares in the public offering.
Axis Capital, Kotak Mahindra Capital Company, and IIFL Holdings, will manage the company’s public issue. The shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
“The listing of the equity shares will enhance our company’s brand and provide liquidity to the existing shareholders. Our company expects that the proposed listing will also provide a public market for the equity shares in India,” stated the company (IEX).
Mercom previously reported that the Indian Renewable Energy Development Agency (IREDA) is expected to issue 139 million equity shares priced at Rs.10 (~$0.16) each as part of its IPO.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.