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NSE Wins SEBI Approval for India’s Potential Largest IPO
NSE, one of India’s main stock exchanges, has received permission to prepare for selling shares to the public.
The proposed IPO could be worth about Rs 30,000 crore.
Existing shareholders will sell their shares, so NSE itself will not receive money from the sale.
The offering would involve up to 14.89 crore shares, or about 6 per cent of the exchange.
State Bank of India and other shareholders are expected to sell some of their holdings.
NSE’s IPO plans were delayed for many years because regulators investigated problems involving access to its trading systems.
The exchange has now cleared an important regulatory hurdle.
If launched at this size, it could become India’s largest IPO, although a possible Jio Platforms issue may be bigger.
The National Stock Exchange received SEBI’s final observations for a proposed IPO estimated at around Rs 30,000 crore.
The issue will be an offer for sale of up to 14.89 crore shares, representing roughly 6 per cent of NSE’s paid-up capital.
State Bank of India plans to sell up to 2.48 crore shares, while MS Strategic may sell 1.60 crore shares.
The IPO could surpass Hyundai Motor India’s 2024 issue, although a larger potential Jio Platforms offering could still claim the record.
The listing plan had been delayed for nearly a decade by regulatory scrutiny related to NSE’s co-location and dark-fibre matters.
- Who
- The National Stock Exchange, its existing shareholders, and the Securities and Exchange Board of India.
- What
- SEBI issued final observations approving NSE’s proposed IPO preparations, estimated at around Rs 30,000 crore.
- Where
- India’s capital market.
- When
- SEBI’s final observations were issued on September 4; the IPO was expected to be launched on September 15, according to sources cited in one article.
- Why
- The approval clears a major regulatory hurdle for NSE’s long-delayed listing, while existing shareholders would use the offer to sell part of their stakes.
NSE Record Claim
Competing Record Claim
India’s largest IPO
NSE Record Claim
At around Rs 30,000 crore, NSE’s offering would exceed Hyundai Motor India’s 2024 issue and could become India’s largest public issue.
Competing Record Claim
Jio Platforms’ potential offering has been estimated at about Rs 37,700 crore, which would be larger than NSE’s issue, although its timing has not been announced.
Final size and valuation
NSE Record Claim
People familiar with the matter estimate an issue of around Rs 30,000 crore and a market capitalisation above Rs 5 lakh crore.
Competing Record Claim
The final issue size, valuation, price band, and other terms had not yet been formally determined.
Key facts
- Estimated issue size
- Around Rs 30,000 crore
- Shares offered
- Up to 14.89 crore shares
- Stake offered
- Roughly 6 per cent of NSE’s paid-up capital
- Issue structure
- Entirely an offer for sale by existing shareholders
- Largest named seller
- State Bank of India, with up to 2.48 crore shares
- Potential market capitalisation
- More than Rs 5 lakh crore
- Possible listing period
- September 24-25, according to sources cited in one article
Sources
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