Indian Gas Exchange (IGX), the country’s first online delivery-based natural gas trading platform, is likely to launch an initial public offering (IPO) worth around ₹600-700 crore by December 2026, its Managing Director and CEO Rajesh Kumar Mediratta said on Wednesday.
The IPO, originally planned for 2025, was deferred after the company sought a one-year extension. Mediratta said draft papers are expected to be filed with market regulator Sebi in the second quarter of the 2026 calendar year.
Indian Energy Exchange (IEX), which holds a 47 per cent stake in IGX, is required under regulations to reduce its shareholding to 25 per cent. The proposed IPO will involve an offer for sale of up to 22 per cent equity by existing shareholders, subject to market conditions and regulatory approvals.
While the company did not disclose a valuation, recent brokerage estimates have pegged IGX’s value at ₹2,200-3,000 crore. At this range, a 22 per cent stake sale could raise ₹600-700 crore.
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IGX operates an electronic trading platform for natural gas, offering intraday, spot, forward and delivery-based contracts. The exchange recorded a 62 per cent year-on-year growth in trading volumes in the calendar year, with average daily volumes of around 5.4 million standard cubic metres.
Gas traded on the platform currently accounts for about 2.75 per cent of India’s total gas consumption of over 190 million metric standard cubic metres per day (mmscmd). The exchange is targeting a 5 per cent market share by 2029 and 7 per cent by 2030, in line with rising national gas demand, which is projected to increase to nearly 297 mmscmd by 2030.
Mediratta said softening global gas prices, from about $14 per mmBtu in early 2025 to $6–8 currently, are expected to boost consumption, particularly in city gas distribution and the power sector.
IGX is also planning to introduce one-year and two-year delivery contracts, launch a platform for LNG terminal capacity booking, and explore LNG trading, petroleum product trading and a green hydrogen price index, subject to regulatory approvals.
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