Indian Energy Exchange, the power exchange company in the country opened its Rs. 1001 crore IPO issue with a price band of Rs. 1645- Rs. 1650. The company listed on the bourses at a discount of 9% to the issue price at Rs. 1,500. However, the shares soon recovered early listing losses and was last seen trading at Rs. 1,641 on the NSE.
"IEX growth prospects are mainly driven by the factors like opportunity in short term Indian power market, largoe diverse customer base and proven management track record. Going forward, generation and peak power demand in India over FY17-22E is expected to record a CAGR of 29.6% and 7.3% respectively as per CRISIL Risk and Infrastructure Solutions Ltd. (CRIS)," IIFL Wealth Management said in IPO note.
The company reduced the portion of shares that can be subscribed by anchor investors as FPIs through the primary market are not allowed to invest in the energy exchange. They can do so after the company scrip gets listed on the bourses.