Indian Energy Exchange IPO opens on Oct 9

Indian Energy Exchange has set a price range of Rs 1,645-1,650 per share for its initial public offering (IPO) that opens on October 9 crore to raise up to Rs 1,001 crore.

The issue, where the company is selling a little over six million shares, or 20 per cent of the post-issue paid-up capital, closes for subscription on October 11.

"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 said.

"This IPO will also provide a public market for the equity shares in the country," Goel added.

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, 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.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)