Indian Energy Exchange IPO To Open On October 9
IEX to open IPO on October 9 provider exit option for investors.
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The Indian Energy Exchange will open its Rs 1,001 crore initial public offering on October 9 as it looks to provide an exit option to existing investors.
Indian Energy Exchange has set a price range of Rs 1,645-1,650 per share for its IPO where it is selling a little over 60 lakh shares, nearly 20 percent of the post-issue paid up capital.
"The main aim behind this IPO is not to raise capital but to provide an exit option. The listing will enhance the company's brand and provide liquidity to the existing shareholders," IEX managing Director and CEO SN Goel said.
Besides, through this exercise, we are bringing in more transparency and efficiency in our operations, he added
This IPO will also provide a public market for the equity shares in the countrySN Goel, Managing Director and CEO, IEX
The IPO will see sale of 60,65,009 equity shares by existing shareholders including Tata Power Company, private equity arm of Aditya Birla Group, Madison India Capital and Renuka Ramnath-led Multiples Alternate Asset Management. Besides, AF Holdings, Kiran Vyapar Ltd, Golden Oak (Mauritius) Ltd and IEXs former chief executive Jayant Deo, too would offload shares in the public issue.
IEX is India's first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates. Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings will manage the company's public issue.