IEX IPO subscribed 10% so far on first day

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New Delhi: The initial public offering (IPO) of Indian Energy Exchange Ltd (IEX) was subscribed 10.35% on Monday, the first day of share sale.

As of 5pm, the IPO received bids for 627,831 shares against the total issue size of 6,065,009 shares, according to data available with NSE. The IPO will close on 11 October.

IEX, India’s largest energy exchange, has priced its shares in the band of Rs1,645-1,650. At the upper end of the price band, the initial share sale values the firm at Rs5,000 crore.

The IEX IPO is a pure offer for sale where existing investors will be selling around 6.06 million shares. Tata Power Co. Ltd plans to fully exit the firm. Tata Power will sell its entire 1.25 million shares, which at the upper end of the price band will fetch Rs206 crore.

The company will not receive any money from the offer. The objects of the offer are to achieve the benefits of listing to enhance the company’s brand and provide liquidity to the existing shareholders, IEX said in its draft offer document.