Indian Energy Exchange stock closes at Rs 1,626 on Day 1

By Indo Asian News Service | Monday, October 23, 2017 | 10:24:04 PM IST (+05:30 GMT) Comment 0 Comment

Mumbai, Oct 23 (IANS) Shares of the Indian Energy Exchange (IEX) on its first day of trade at the exchanges on Monday closed at Rs 1626.45 a share, higher than its debut listing of Rs 1,500.

Mumbai, Oct 23 (IANS) Shares of the Indian Energy Exchange (IEX) on its first day of trade at the exchanges on Monday closed at Rs 1626.45 a share, higher than its debut listing of Rs 1,500.

Though the IEX share closed higher than its debut price, it was lower than the stock's issue price of Rs 1,650 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE) too, the stock had debuted at Rs 1,500.

The IEX's initial public offer (IPO) during October 9-11 was oversubscribed 2.23 times.

The IEX had announced plans to raise Rs 1,001 crore through an IPO, for which it had fixed a price band of Rs 1,645-1,650 per share for the public issue.

Just prior to the IPO, IEX said it had raised an amount of over Rs 300 crore from anchor investors. The company said it would allot 18,19,501 equity shares to 23 anchor investors at a price of Rs 1,650 per share, by which the total amount works out to Rs 300.22 crore.

SBI Mutal Fund, Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura are among the anchor investors.

The public issue was for selling 6,065,009 shares, or 20 per cent of the post-issue paid-up capital.

The IPO saw the sale of equity shares by existing shareholders, including Tata Power, Aditya Birla Group, Madison India Capital and Multiples Private Equity Fund.

Fifty percent of the total offer was reserved for qualified institutional buyers (QIBs), with the company reserving the right to allocate up to 60 per cent of the QIB portion to anchor investors.

Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings were the managers to the issue.

The IEX is India's first energy exchange, having started operations in 2008, and brings together buyers and sellers of power. Various electricity products are traded over its electronic trading platform.

--IANS

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