- Price band
- —
- Issue size
- —
- Lot size
- —
- Bidding
- —
- Grey market
- —
Split not disclosed
Listing date to be set
No quote recorded
Market data to 17 Oct 2026. Company figures are as filed, sourced 17 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
56% of the scoring model was backed by disclosed data for Indian Gas Exchange, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2019 · New Delhi (registered office); Noida, Uttar Pradesh (corporate office) · 36 employees · part of Indian Energy Exchange (IEX)
Indian Gas Exchange runs India's only authorised national-level gas exchange: an electronic marketplace where natural gas is traded for physical delivery rather than cash settlement. Sellers are gas producers, marketing companies and LNG terminal operators; buyers are city gas distribution companies, fertiliser plants, refineries, power generators and industrial consumers. As of 31 March 2026 it listed ten standardised gas contracts — intra-day through six-month, fixed-price and index-linked — plus four small-scale LNG contracts, deliverable at 19 points connected to the national pipeline grid. It had 360 registered participants and 76.79 million MMBtu traded in FY2026, and interposes itself as central counterparty to every trade. IEX incorporated it in November 2019; trading began June 2020 and PNGRB authorised it as a gas exchange in December 2020.
IGX charges transaction fees on each trade plus annual subscription and membership/processing fees, and earns treasury income on member margins and its settlement guarantee fund. In FY2026 transaction fees were Rs 57.57 Cr (67.9% of Rs 84.84 Cr total income) and treasury income Rs 23.74 Cr (28.0%). Costs are small and largely fixed: Rs 29.01 Cr total expenses against 36 permanent employees, giving a 96.07% EBITDA margin on operating revenue. Volume, not cost, is the constraint, and it is concentrated — the top ten participants gave 66.47% of FY2026 operating revenue. The Gas Exchange Regulations also cap any non-member shareholder at 25%, and PNGRB requires IEX to cut 47.28% to 25% by 31 December 2026, which is what forces this offer.
The company on paper
- Legal name
- Indian Gas Exchange Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 6 Nov 2019
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74999DL2019PLC357145
- Parent group
- Indian Energy Exchange (IEX)
- Sector
- Financials · Gas exchange: physical-delivery natural gas trading platform
- Employees
- 36
- Registered office
- New Delhi (registered office); Noida, Uttar Pradesh (corporate office)
- Promoters
- Indian Energy Exchange Limited
- Promoter holding, pre-issue
- 47.3%
- Website
- igxindia.com
The numbers
Financial performance
Revenue has compounded at 32.3% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
No price band has been fixed yet, so there is no multiple to quote
3 of the 4 listed companies the prospectus names — the other discloses no multiple
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹5.68
- EPS, post-issueNot disclosed, so computed from FY2026 profit after tax and the disclosed share count — this is the figure the multiple above is built on
- ₹5.60
- Price / sales
- —
- Net asset value per shareBook value behind one share — a floor, not a target
- ₹23.87
What it earns on what it has
Returns and margins on FY2026. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- 23.5%
- Return on capital employed
- 31.7%
- EBITDA margin
- 96.1%
- Net margin
- 68.9%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityComputed as total borrowings over net worth attributable to owners, from this record’s own balance sheet.
- 0.00×
Valuation against listed peers
Asking P/E against operating margin. All marks are the same size — market capitalisation is not disclosed for every company here, and sizing only some of them would read as a measurement.
- Indian Gas Exchange
- Listed peers
Peer companies are those named in the issuer’s own prospectus. A higher position means better margins; further right means a more expensive multiple. Market capitalisation, where disclosed, is in the tooltip and the table. These figures are the prospectus’s, not today’s. A P/E is a price divided by earnings and the price half moves every day, so this comparison is as it stood on 31 Mar 2026 and is not refreshed. It is dated rather than chased on purpose: no reachable source publishes a current earnings figure per scrip, and putting a live price over a stale one would be a worse number than an openly old one.
The terms
How the issue is structured
- Fresh issueNew shares — proceeds go to the company
- ₹0
- Offer for saleExisting shares — proceeds go to the selling shareholders
- —
- Total issue size
- —
- Shares offered in the OFS
- 1,67,10,000
- Pre-issue shares outstanding
- 7,50,00,000
- Employee discount
- —
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
How the fresh issue will be spent
The prospectus states what the proceeds are for but attaches no amount to any of it, so there is nothing to scale a bar against.
Who owns it before the issue
12 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
No dates have been set yet, so bidding has not opened.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
The lot size and price band are not fixed yet, so there is nothing to calculate.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- EBITDA of Rs 58.61 Cr (FY2026) and the 96.07% EBITDA margin are the DRHP's own figures, but both flatter the trading business: EBITDA is built up from profit before tax, so it includes Rs 23.83 Cr of other income (mostly treasury), while the margin divides by revenue from operations of Rs 61.01 Cr, which excludes it. Fee income alone does not support a 96% margin.
- Revenue rows are revenue from operations. Total income, which the DRHP uses for its own revenue-mix percentages, was higher in every year (FY2026 Rs 84.84 Cr vs Rs 61.01 Cr) because treasury income sits below the operating line.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
- DRHP full text, 469 pages (PDF, SEBI)14 Jul 2026The first draft, filed for review. No price band and no dates.Opens on sebi.gov.in · about 13.59 MB
- Indian Gas Exchange - Draft Abridged Prospectus dated 14 July 2026, 12 pages (PDF, SEBI)14 Jul 2026The statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on sebi.gov.in · about 0.47 MB
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Axis Capital Limited, Motilal Oswal Investment Advisors Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Indian Gas Exchange's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- SEBI - Indian Gas Exchange Limited DRHP filing page (published 29 July 2026) · read 17 Oct 2026
- SEBI - IGX Draft Red Herring Prospectus dated 14 July 2026, full 469-page PDF (primary source for all financials, shareholding, employees, contracts, delivery points, participant concentration, listing exchange and offer structure) · read 17 Oct 2026
- SEBI - IGX Draft Abridged Prospectus dated 14 July 2026 · read 17 Oct 2026
- Indian Gas Exchange - investor relations page hosting the DRHP, abridged prospectus, CRISIL industry report and restated financials · read 17 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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