4 hrs ago
NSE IPO Draws Unexpectedly Strong Demand Before September Launch
The National Stock Exchange of India plans to sell shares to the public.
Its chief executive says many more investors want the shares than there are shares available.
People will be able to apply between September 17 and September 21.
Each share will cost between Rs 1,700 and Rs 1,785.
The sale involves existing shareholders selling their shares, rather than NSE creating new ones.
NSE reduced the portion being sold from 6.2% to 5.11%.
The shares are planned to be listed on the BSE.
Listing could make it easier and less costly for shareholders to buy and sell the shares.
NSE CEO Ashishkumar Chauhan said investor demand for the proposed IPO significantly exceeds available shares.
The IPO will be open for subscription from September 17 to September 21 at Rs 1,700-1,785 per share.
The issue is an offer for sale of up to 12.64 crore existing shares, with no new shares issued by NSE.
The anchor portion was reduced from an expected Rs 9,000 crore to more than Rs 6,000 crore.
The offer size was cut from a proposed 6.2% stake to 5.11% after some shareholders initially hesitated to sell.
- Who
- The National Stock Exchange of India, its existing shareholders, and prospective institutional and retail investors; NSE Managing Director and Chief Executive Officer Ashishkumar Chauhan discussed the offering.
- What
- NSE is preparing an IPO that will sell up to 12.64 crore existing shares through an offer for sale.
- Where
- The IPO concerns NSE in India, and the shares are proposed to be listed on the BSE.
- When
- The IPO is scheduled to open on September 17 and close on September 21; Chauhan discussed investor demand on Tuesday.
- Why
- The listing is intended to provide existing shareholders with a more transparent and liquid way to sell their holdings, while investor demand has prompted strong interest in the offering.
Key facts
- IPO subscription dates
- September 17-21
- Price band
- Rs 1,700-1,785 per share
- Offer type
- Entirely an offer for sale by existing shareholders
- Shares offered
- Up to 12.64 crore shares
- Stake offered
- 5.11%, reduced from the proposed 6.2%
- Anchor portion
- More than Rs 6,000 crore, down from an earlier expectation of around Rs 9,000 crore
- Proposed listing
- BSE
Quotes
Ashishkumar Chauhan
Managing Director and Chief Executive Officer of the National Stock Exchange of India
“There was feedback to leave something for retail investors”
thehansindia.com
“Demand is unexpectedly large”
thehansindia.com
Sources
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