The documents were filed by the company with the capital market regulator in June and got observations from it on August 14 which is now mandatory for a company to launch the public offer, as per the latest update with the markets watchdog.
The IPO issue includes sale of over 60 lakh shares by existing shareholders like Tata Power Company, PE firm of Aditya Birla Group, Madison India Capital and Renuka Ramnath (MAAM).
According to draft red herring prospectus filed by the company, AF Holdings, Kiran Vyapar Ltd, Golden Oak Ltd and IEXs former chief executive Jayant Deo, plans to dilute their stake in public offer.
The listing of the equity shares will enhance our companys brand and provide liquidity to the existing shareholders. Our company expects that the proposed listing will also provide a public market for the equity shares in India, IEX said.
The IPO will be managed by Axis bank, Kotak Mahindra Capital Company and IIFL Holdings.
The shares will be listed on BSE and NSE.