2 hrs ago
NSE Downsized India IPO Amid Growing Valuation Concerns
The National Stock Exchange of India is preparing to sell shares to the public.
It plans to sell fewer shares than it originally announced.
The shares will come from existing owners, not from new shares issued by the exchange.
The sale is expected to happen from Sept.
17 to Sept.
21.
The company could begin trading publicly on Sept.
24.
The expected price is lower than the earlier proposed price range.
Investors are worried that growth may slow and that regulators may restrict some options trading.
These concerns have made the exchange’s valuation harder to justify.
National Stock Exchange of India reduced its planned IPO share sale to 126.44 million shares from 148.9 million.
The offering will consist entirely of existing shares, representing about 5.1% of NSE’s equity capital.
The IPO is scheduled to accept investor orders from Sept. 17 to Sept. 21, with a potential Sept. 24 listing.
NSE may price the shares at 1,700 to 1,785 rupees, below the previously marketed range of 2,000 to 2,100 rupees.
Investors are scrutinizing NSE’s valuation amid concerns about slower growth and tighter oversight of derivatives trading.
- Who
- The National Stock Exchange of India and its existing shareholders, including State Bank of India, General Insurance Corporation of India, and Canada Pension Plan Investment Board.
- What
- NSE reduced the size of its planned initial public offering and is expected to lower its share-price range.
- Where
- The red herring prospectus was filed in Mumbai, India.
- When
- Investor orders are scheduled for Sept. 17–21, with a potential listing on Sept. 24; the filing was submitted late Thursday.
- Why
- Investors have raised concerns about NSE’s valuation, slowing growth, and tighter regulatory oversight of derivatives activity.
Key facts
- Shares offered
- 126.44 million, reduced from 148.9 million planned earlier
- Portion of equity
- About 5.1%, down from approximately 6% previously planned
- Expected price range
- 1,700 to 1,785 rupees per share
- Earlier marketed range
- 2,000 to 2,100 rupees per share
- Potential proceeds
- Up to 226 billion rupees, or about $2.4 billion, at the upper end
- Order period
- Sept. 17 through Sept. 21
- Potential listing
- Sept. 24
Sources
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