A very muted debut for IEX

The debut of India Energy Exchange (IEX), the first IPO ever by a power exchange in India was very muted.

On the BSE, it got listed at Rs.1500 v/s IPO price of Rs.1650/share.

The issue was subscribed 2.28 times and market grapevine has it that because the company was not clear about whether or not to allow FIIs to invest in the IPO, the issue got a much lesser response. And the same sentiment is reflected in the muted listing.

In our New Issue Analysis, we had given a call to subscribe, saying, “Solid fundamentals with consistent growth in financial performance coupled with dominant market share make the issue an attractive investment opportunity. Issue is a ‘subscribe.’