NSE files for IPO, may raise 10,000 crores in largest public issue in six years
New Delhi: The National Stock Exchange (NSE) on Wednesday filed draft papers with market regulator Sebi for its much-awaited IPO, expected to be one of the biggest in last six years, with an estimated size of over Rs. 10,000 crore.
The initial public offer will see existing shareholders offloading 20-25 per cent shares to the public through the OFS route.
The offer may give the exchange a valuation of Rs. 50,000-55,000 crore, sources said, adding that the IPO itself could be worth about Rs. 10,000 crore.
The Draft Red Herring Prospectus (DRHP) has been filed with Sebi well ahead of the exchange’s own deadline of January 31, 2017.
NSE’s IPO is being keenly awaited in the market as one of the biggest in recent times. Rival BSE is also in the process of launching its initial share sale of up to Rs. 1,500 crore for which it filed draft prospectus with Sebi in September.
Besides, CDSL, promoted by BSE, filed the draft papers yesterday for an initial public offer through which it plans to sell more than 3.5 crore shares.
Currently, MCX is the only listed exchange in the country, but it had come out with an IPO as a standalone commodity exchange much before the merger of Forward Markets Commission (FMC) with Sebi to create a unified capital markets regulator.
Since then, all exchanges have become deemed stock exchanges.
After months of speculation, NSE announced in June its plans to get listed and had said IPO papers would be filed by January 2017.
Amid preparations for the share sale, NSE saw the surprise exit of its Managing Director and CEO Chitra Ramkrishna earlier this month.
The exchange has already formed a listing committee to expedite the IPO process, apart from roping in merchant bankers.
It has appointed Citigroup, Morgan Stanley, JM Financial Institutional Securities and Kotak Mahindra Capital Company to manage its upcoming IPO.
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Konkanworld.com will not be responsible for any defamatory message posted under this article. Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on Konkanworld.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using Konkanworld.com will be purely at your own risk, and in no way will Konkanworld.com be held responsible. Similarly, Konkanworld.com reserves the right to edit / block / delete the messages without notice any content received from readers.