The New Indian Express ·
NSE receives approval from SEBI to launch IPO
MUMBAI: In a major development leading to the listing of India’s largest stock exchange, capital market regulator - Securities and Exchange Board of India (Sebi) - has approved the long-awaited initial public offering (IPO) of the National Stock Exchange (NSE). The IPO, expected to open for subscription around mid-September, will be among the largest fundraises ever from the primary market.
NSE filed draft papers with SEBI in June this year for a gargantuan public offering pegged at roughly Rs 30,000 crore. The IPO comprises the sale of 14.89 crore shares by existing shareholders, who will collectively divest nearly 6% of their stake in the exchange.
NSE, which has around 1.8 lakh shareholders, is valued at over Rs 5 lakh crore with its shares trading in the range of Rs 1,950-2,050 in the unlisted market, according to market participants. Upon listing, NSE is expected to become one of the most valuable listed financial institutions in India.