The Indian Energy Exchange (IEX) launched its initial public offering (IPO) issuing 60,65,009 equity shares at a face value ₹10 (~$0.15) each. The IEX has priced the shares in the range of ₹1,645 (~$25.14) to ₹1,650 (~$25.21). The IPO will constitute up to 20 percent of IEX’s post-IPO paid up equity share capital.

AXIS Capital, Kotak Investment Banking, and IIFL Holdings are the book running lead managers, and Karvy Computershare Private Limited is the Registrar of the offer. The equity shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The minimum order quantity for the IPO is nine equity shares.

Only retail individual bidders are eligible to bid at the cut-off price; QIBs and non-institutional bidders are not eligible to bid at the cut-off price. A retail individual can bid for a maximum of ₹2,00,000 (~$3,056).

The existing shareholders in IEX, including Tata Power Company, Aditya Birla Group, Madison India Capital, Multiples Alternate Asset Management, AF Holdings, Kiran Vyapar Ltd, Golden Oak (Mauritius) Ltd, and IEX’s former chief executive Jayant Deo, are selling their shares in the public offering.

As of October 10, 2017, 11.30am IST, the issue was subscribed by 24 percent.

In June 2017, as a first step towards IPO, the IEX filed draft papers with the Securities and Exchange Board of India (SEBI) for the IPO launch.

There’s an increasing number of companies opting for an IPO in India. Recently, the Indian Renewable Energy Development Agency (IREDA) approved the launch of its IPO for 139 million equity shares. In October 2017, ACME Solar Holdings filed a draft red herring prospectus with SEBI for a ₹22,000 million (~$336.86 million) IPO at a face value of ₹10 (~$0.15) per share.

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