India's private-equity backed Indian Energy Exchange has received approval from the Securities and Exchange Board of India to go public with an initial public offering involving the sale of a 20.83% stake held by existing investors. A number of private equity firms and power companies will sell some of their shares, as will Indian Energy Exchange's former CEO Jayant Narhar Deo. The company said it plans to raise up to $1 billion through its IPO.
India's private-equity backed Indian Energy Exchange has received approval from the Securities and Exchange Board of India to go public with an initial public offering involving the sale of a 20.83% stake held by existing investors. A number of private equity firms and power companies will sell some of their shares, as will Indian Energy Exchange's former CEO Jayant Narhar Deo. The flotation will see the company join a number of Indian exchanges that have gone public, with Multi Commodity Exchange of India having been the first to do so over five years ago.