New Delhi, July 15 -- Indian Gas Exchange (IGX) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), paving the way for its proposed initial public offering (IPO).

The IGX IPO will be entirely an offer for sale (OFS), with parent Indian Energy Exchange (IEX) planning to offload up to 1.67 crore equity shares. As the public issue does not include a fresh issue of shares, the company will not receive any proceeds from the IPO.

The proposed stake sale is primarily intended to meet regulatory requirements. IEX, which currently owns 47.3% of IGX, plans to reduce its holding to 25%, in line with regulations that cap the ownership of any non-member shareholder in a gas exchange at 25%.

Acco...