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Indian Energy Exchange Files For IPO

Indian Energy Exchange has filed draft papers with capital markets regulator to float an initial public offering.

The IPO will see a sale of 60,65,009 equity shares by existing shareholders including Tata Power Ltd., a 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 IEX's former chief executive Jayant Deo, would offload shares in the public issue, according to the draft red herring prospectus (DRHP).

Established in 2008, 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. The shares are proposed to be listed on the Bombay Stock Exchange (BSE) and 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," IEX said.

Multi Commodity Exchange (MCX) was the country's first exchange to go public in 2012. BSE got listed in February this year and its rival NSE has already approached the Securities and Exchange Board of India (SEBI) with its IPO papers in December 2016.