Shares of Indian Energy Exchange (IEX) debuted at a discount of almost 9 percent on Monday on the Bombay Stock Exchange (BSE).
The country's largest energy exchange's initial public offer (IPO) was oversubscribe by 2.28 times earlier this month.
The company's shares opened at Rs 1,500 a piece on BSE, almost 9.09 percent lower from its issue price of Rs 1,650.
IEX had diluted 20 percent of the post-issue paid-up capital through an IPO in the primary market.
The exchange had fixed a price band of Rs 1,645-Rs 1,650 per share for its Rs 1,000-crore public issue. At the upper price band the IPO is likely give IEX a valuation of nearly Rs 5,000 crore.
At 12:45 pm, IEX shares were trading at Rs 1,629.40 per share, up around 8 percent, while benchmark 30-share Sensex traded 0.18 percent, or 56.93 points, lower at 32,333.03.
Mint had reported earlier that private investors like Aditya Birla Private Equity and Renuka Ramnath-led Multiples Alternate Asset Management had pulled out IEX shares worth Rs 103 crore just a couple of days ahead of the launch of the IEX IPO.
With 90 percent market share for last five years, IEX has been India's first and largest power exchange, providing an automated trading platform for electricity (for physical delivery) and renewable energy certificates.
The company reported a profit of Rs 113.6 crore in 2016-17, up 13 percent from the year-ago period.
Indian Energy Exchange IPO offers four different products: renewable energy certificates (REC), day ahead market (DAM), term ahead market (TAM) and energy savings certificates (ESCerts), reported NDTV.
IEX and Power Exchange India are the only two power exchanges that allow short-term power trading.
IEX dominates the market with its share in total volume traded through exchanges in the last five years at an average of over 93.5 percent.
