Indian Energy Exchange (IEX) is India's no.1 power exchange. We expect increasing power surplus and continuous improvement in power transmission capacity & reach to drive strong growth for the short-term power trading market. CRIS (Crisil Research & Infrastructure Solutions) forecasts the same to grow at a CAGR of over 20% in FY17-22E and forecasts the share of energy exchanges to increase from 34.5% in FY17 to 43% in FY22. This augurs well for IEX given its dominant market share (avg. 93.5% in the last 5 years). We believe that IEX is well placed to drive sustainable growth given the market opportunity, strong & experience management and highly scalable & proven technology...