Forced to Float
India is about to list its first gas exchange — because the law leaves no choice. IEX owns 47.3% of the Indian Gas Exchange, and gas-exchange rules cap any owner at 25%. So IGX filed to go public on 14 July, and IEX will sell about 22.3% through an offer for sale. The twist: IEX is doing this while thriving, with June-quarter net profit near Rs 134.8 crore on a record 37.5 billion units traded. It is not offloading a dud. It is being made to part with one of its best assets, at the moment that asset looks strongest.
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