The debut of Indian Energy Exchange shares at the bourses was rather lukewarm. The stock was listed at ₹1,500 on the NSE against the issue price of ₹1,650. However, the shares managed to recover to hit a high of ₹1,660 and closed at ₹1,629.15. On the BSE, it closed at ₹1,626.45. A combined volume of 39.5 lakh shares changed hands on the NSE and the BSE.

Regulatory hurdle The IPO, which hit the market in a price band of ₹1,645-1,650 between October 9 and 11, was subscribed 2.28 times. However, the company had cut anchor investor allocation to 7,89,120 shares from 18,19,501 announced earlier.

Around ₹170 crore worth of shares allotted to foreign portfolio investors (FPIs) in the anchor investors category ahead of the company’s listing, were cancelled owing to regulatory restrictions relating to foreign direct investment in exchanges.

Aditya Birla Private Equity and Renuka Ramnath-led Multiples Alternate Asset Management sold Indian Energy Exchange shares in the IPO while Tata Power exited its decade-old investment.

Indian Energy Exchange had reported a net profit of ₹113.5 crore on revenue of ₹238 crore in FY17 and a cash balance of nearly ₹500 crore at the end of March.

The initial public offering was the first by a power exchange in the country.

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