NSE eyes Rs 30,000-cr IPO launch in September

NEW DELHI: The National Stock Exchange (NSE) is targeting to launch its much-awaited initial public offering (IPO), estimated at around Rs 30,000 crore, in September, people familiar with the development said on Monday.

The mega IPO is expected to value the country’s largest stock exchange at over Rs 5 lakh crore.

The exchange will soon begin roadshows for the IPO.

If successful, the issue will surpass Hyundai Motor India’s Rs 27,870-crore public offering launched in October 2024.

The proposed public issue will be entirely an offer for sale (OFS) of 14.89 crore equity shares, with existing shareholders collectively divesting nearly 6 per cent of the exchange’s equity, according to the draft red herring prospectus (DRHP) filed in June. NSE has around 1.8 lakh shareholders.

Among the major shareholders selling their stake, State Bank of India will offload up to 2.48 crore shares, followed by MS Strategic (Mauritius) Ltd with 1.60 crore shares. Other shareholders proposing to sell shares include Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Ltd, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company.

LIC, the exchange’s largest shareholder with a 10.72 per cent stake, will not participate in the share sale.

NSE’s board had approved the proposed IPO on February 6 following the receipt of the Securities and Exchange Board of India’s (Sebi) no-objection certificate. NSE had first filed draft papers for its IPO in 2016 to raise around Rs 10,000 crore through an OFS. However, Sebi did not clear the proposal then amid concerns over governance issues and the co-location matter.