New Delhi, Jan. 7 -- Indian Gas Exchange (IGX) plans to launch its initial public offering by the end of 2026, according to its top executive.

The IPO would largely be an offer for sale (OFS) for 22% stake by promoter Indian Energy Exchange Ltd, managing director and chief executive officer (CEO) Rajesh Mediratta told reporters on Wednesday. "The merchant bankers are yet to be appointed for the sale process."

IEX currently holds 47% and NSE owns 26% of IGX, while other minority shareholders include GAIL India Ltd, Oil and Natural Gas Corp. and IndiaOil Ltd, Adani Total Gas Ltd. and Torrent Gas Ltd.

IEX is required to bring down its shareholding to 25%. NSE must also sell 1% stake, which the bourse may offload during the offer or even i...