3 hrs ago
National Stock Exchange IPO Offer Size Cut Before Listing
The National Stock Exchange of India is preparing to sell shares to the public.
Some existing shareholders planned to sell shares as part of the IPO.
They are now offering fewer shares than they originally proposed.
This reduced the expected size of the sale from about Rs 30,000 crore to Rs 22,500 crore to Rs 23,000 crore.
State Bank of India made one of the largest reductions.
Other shareholders also cut their proposed sales.
The article says they may be waiting to receive a better price after the shares begin trading.
The IPO could open around September 18 and may list on BSE around September 25.
Selling shareholders have reduced the NSE IPO offer to 126.4 million shares from 148.9 million.
The offer-for-sale is now expected to raise Rs 22,500 crore to Rs 23,000 crore, down from Rs 30,000 crore.
State Bank of India cut its proposed sale to 15.97 million shares, while SBI Capital Markets will sell 8.78 million.
MS Strategic, Bank of Baroda, Stock Holding Corporation of India, and General Insurance Corporation of India also reduced their offerings.
The IPO may open around September 18, with BSE listing planned around September 25 and a price band of Rs 1,700 to Rs 1,785.
- Who
- The National Stock Exchange of India and its selling shareholders, including State Bank of India, SBI Capital Markets, MS Strategic, and Bank of Baroda.
- What
- Selling shareholders reduced the NSE IPO offer to 126.4 million shares from 148.9 million shares previously proposed.
- Where
- The shares are planned for listing on BSE; the offer concerns the India-based National Stock Exchange of India.
- When
- The IPO may open around September 18, with listing planned around September 25.
- Why
- Sources said shareholders may be expecting a better price after listing.
Key facts
- Revised offer size
- 126.4 million shares
- Earlier offer size
- 148.9 million shares
- Expected IPO proceeds
- Rs 22,500 crore to Rs 23,000 crore
- Earlier estimated proceeds
- Rs 30,000 crore
- Expected price band
- Rs 1,700 to Rs 1,785 per share
- Possible subscription date
- Around September 18
- Planned listing
- BSE, around September 25
Sources
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