1 hr ago
NSE Defends IPO Pricing, Predicts Sustainable Derivatives Revenue Amid Growth
The National Stock Exchange, or NSE, is preparing to sell shares to the public.
It said merchant bankers helped decide the price of those shares.
NSE also said it did not provide a separate explanation for the premium valuation.
The IPO price is set between Rs 1,700 and Rs 1,785 per share.
People can apply to buy shares from September 17 to September 21.
NSE expects its derivatives business to keep earning money as India’s financial markets grow.
It said stronger rules and more retail investors have helped develop the market.
CEO Ashishkumar Chauhan said NSE has not asked permission to trade its own shares on its platform.
NSE said merchant bankers determined its premium valuation and recommended the IPO pricing process.
The exchange expects derivatives revenue to remain sustainable as India’s capital markets and investor base expand.
NSE Managing Director and CEO Ashishkumar Chauhan said the exchange has not sought SEBI approval to trade its own shares.
NSE set an IPO price band of Rs 1,700 to Rs 1,785 per share.
The IPO is scheduled to open on September 17, close on September 21, and list on September 24.
- Who
- The National Stock Exchange, its officials, Managing Director and CEO Ashishkumar Chauhan, merchant bankers, and the Securities and Exchange Board of India.
- What
- NSE defended its IPO pricing process and said derivatives revenue is expected to remain sustainable.
- Where
- The statements were made in Mumbai.
- When
- The comments were made on Friday; the IPO is scheduled for September 17–21, with listing expected on September 24.
- Why
- NSE attributed its revenue outlook to the evolution of India’s capital markets, regulatory measures, and increased retail participation.
Key facts
- IPO price band
- Rs 1,700 to Rs 1,785 per share
- IPO subscription period
- September 17 to September 21
- Anchor investor bidding
- September 16
- Expected listing date
- September 24
- Pricing responsibility
- Merchant bankers determined the premium valuation and recommended the pricing process
- Own-share trading approval
- NSE has not applied to SEBI for permission to trade its own shares
- Revenue outlook
- NSE expects derivatives revenue to remain sustainable
Quotes
National Stock Exchange
The exchange responding to questions about its IPO valuation
“NSE is India’s largest exchange and by many counts, it’s one of the largest in the world. The purpose of NSE was also to channel savings into capital. It’s a testament that NSE has fulfilled the mandate its founders started with.”
thehansindia.com
“Premium valuation, we don't know. We have not given the justification. Everything has been decided through the merchant bankers and we have priced it accordingly.”
thehansindia.com
Sources
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