IEX plans to raise Rs 1,001 crore through an IPO, for which it has fixed a price band of Rs 1,645-1,650 per share for its public issue.
In a stock exchange filing on Saturday, the company said 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 starting Monday, by which the company is selling 6,065,009 shares, or 20 per cent of the post-issue paid-up capital would be open for public subscription during October 9-11.
The IPO will see 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 is reserved for qualified institutional buyers (QIBs), of which the company may allocate up to 60 per cent of the QIB portion to anchor investors.
Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings are the managers to the issue.
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.
In a report last month, American credit rating agency Fitch said that electricity prices at power exchanges had dropped by 11 per cent to Rs 2.4 per kWh in 2016-17.
The report also said that subdued demand growth, consistent capacity additions and better networks may even result in India producing surplus power in the current fiscal.