𝗡𝗦𝗘 𝗙𝗶𝗹𝗲𝘀 𝗗𝗥𝗛𝗣 𝗙𝗼𝗿 𝟮-𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗜𝗣𝗢
The National Stock Exchange filed draft papers with Sebi for a 2-billion dollar initial public offering. This follows a nine-year delay from its original 2016 attempt.
Key details of the filing:
- The issue is an offer for sale of 14.89 crore shares.
- Each share has a face value of Re 1.
- NSE will not receive proceeds from this sale.
- Existing shareholders are selling their holdings.
- Tiger Global plans to sell 1.48 crore shares.
- Tiger Global holds over 13% of the total offer.
- Aranda Investments and SAIF II-SE Investments are also selling stakes.
- IDBI Bank plans to sell 74.15 lakh shares.
- SBI plans to sell 64.28 lakh shares.
- SBI Capital Markets plans to sell 53.62 lakh shares.
- IFCI plans to sell 34.31 lakh shares.
- HDFC Standard Life, Bajaj Holdings and Investment, and Bank of Baroda are participating.
Valuation and Market Context:
- Unlisted market prices range between Rs 1,950 and Rs 2,050 per share.
- The estimated valuation of NSE is Rs 5 lakh crore.
- The exchange trades near 45x FY26 earnings in the unlisted market.
- Sebi issued a no-objection certificate earlier this year.
- The 2016 IPO attempt stopped due to a co-location investigation.
- The investigation involved allegations of preferential access for certain traders.
- Recent Sebi rules on retail futures and options trading affect market volumes.
Source: The Times of India