Indian Energy Exchange Ltd ended at Rs 1626.45, down by Rs 23.55 or 1.43% from its previous closing of Rs 1650 on the BSE. The scrip opened at Rs 1500 and touched a high and low of Rs 1658 and Rs 1500 respectively.
The company, which sold the shares in the price range between Rs 1,645 and Rs 1,650 had cut anchor investor allocation to 7,89,120 shares from 18,19,501 announced earlier.
IEX is the first energy exchange in India, having commenced operations in June 2008. It enjoys early mover advantage and strong brand recognition among participants in the energy trading industry in India.
According to CERC, in FY16 & FY17 the company commanded a 99.6% and 99.4% market share respectively, of electricity contracts in the day-ahead-market (DAM), in volume terms. DAM, term-ahead-market (TAM) and renewable energy certificates (REC) put together constituted 93.7% (FY16) & 94.8% (FY17) of the traded contract volumes of electricity contracts that were conducted over the company’s exchange.
IEX has registered total revenue CAGR of 14.45% over FY13-17 mainly driven by 15.5% CAGR in DAM volumes. PAT has improved in line with total revenue by 14.4% CAGR over the same period. IEX growth prospects are mainly driven by the factors like an opportunity in short-term Indian power market, large 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). In line with this, the company strategy includes attract new participants, increase trading activity, expand into global markets, develop new products and services and focus on technology up-gradation including increasing connectivity to IEX’s trading platform.
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