2 hrs ago
NSE Revises IPO Offer Size as Shareholders Trim OFS
The National Stock Exchange of India is preparing to sell shares to the public through an IPO.
In its newer filing, several existing shareholders said they would sell fewer shares than they had originally planned.
SBI Capital Markets was added as a new seller.
Amit Kumar Lohia, who had planned to sell a small number of shares, was removed from the list.
The total number of shares offered is therefore smaller than in the earlier draft.
Some shareholders may be keeping more shares because they hope their value will rise after listing.
Existing shareholders are expected to offer about 5.5% of NSE’s equity.
The final IPO size will depend on the number of shares sold and the final price.
The revised red herring prospectus reduces the proposed offer-for-sale shares compared with the draft filing.
State Bank of India cut its proposed sale from 24.75 million shares to 15.97 million shares.
SBI Capital Markets was added as a selling shareholder with 8.78 million shares, while Amit Kumar Lohia was removed.
Several other shareholders, including Morgan Stanley affiliate MS Strategic, Bank of Baroda and Indian Bank, also reduced their proposed sales.
Existing shareholders are expected to offer nearly 5.5% of NSE’s equity, with the final IPO size depending on shares offered and the discovered price.
- Who
- The National Stock Exchange of India and its existing shareholders, including State Bank of India, SBI Capital Markets, MS Strategic and Bank of Baroda.
- What
- The revised red herring prospectus reduces the proposed offer-for-sale size, adds SBI Capital Markets as a seller and removes Amit Kumar Lohia.
- Where
- The proposed IPO concerns shares of the National Stock Exchange of India.
- When
- In the revised filing compared with the draft red herring prospectus; the article references June 17 as the earlier update and says the price band was expected on September 11.
- Why
- Some shareholders chose to retain more NSE shares, reportedly to participate in possible value appreciation after listing.
Key facts
- Indicative price band
- Rs 1,700-1,785 per share
- Expected stake offered
- Nearly 5.5% of NSE’s equity
- State Bank of India OFS
- Reduced from 24.75 million shares to 15.97 million shares
- SBI Capital Markets OFS
- Added with a proposed sale of 8.78 million shares
- MS Strategic OFS
- Reduced from 16 million shares to 11 million shares
- Bank of Baroda OFS
- Reduced from 10.99 million shares to 7.69 million shares
- Fresh issue
- Remains separate from the OFS component, if any
Sources
Related news
NSE IPO Offer Shrinkage Could Limit Record-Size Ambitions
NSE Cuts IPO Size to ₹23,000 Crore in Updated Filing
NSE Wins Final Approval After Decade-Long Wait for IPO
Bank of Baroda to Sell 35% NSE Stake Through IPO
NSE IPO Nears Launch as SEBI Review Approaches Completion
NSE Files Updated IPO Prospectus, Price Band Expected This Week
Adani Stocks Rebound Sharply, Brokerages Set Higher Targets
Purple Style Labs Shares Make Weak Debut Below IPO Price
Anthropic Files Confidentially for Potential $60 Billion IPO
