The IPO will be entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders including some state owned insurers , compared with 14.9 crore shares planned earlier.
The reduction in the OFS size has brought down the overall issue size from the initial estimate of Rs 30,000 crore.
New Delhi: The National Stock Exchange (NSE) on Friday fixed a price band of Rs 1,700-1,785 per equity share for its much-awaited initial public offering (IPO), which will open for subscription on September 17.
The Rs 22,569-crore IPO will close on September 21, making it the country’s second-largest public issue after Hyundai Motor India’s Rs 27,870-crore offering in 2024.
The IPO comes nearly a decade after NSE’s plans to go public were stalled amid regulatory hurdles. With the Sebi clearance now in place, the exchange is set to make its market debut on September 24.
Bidding for anchor investors will take place on September 16, according to a public announcement.
The IPO will be entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders including some state owned insurers , compared with 14.9 crore shares planned earlier.
The reduction in the OFS size has brought down the overall issue size from the initial estimate of Rs 30,000 crore. At the lower end of the price band, the issue is estimated at Rs 21,494 crore, while at the higher end, it will be around Rs 22,569 crore, falling short of becoming India’s largest-ever public offering.
Life Insurance Corporation of India (LIC) holds a 10.72% stake, making it the single largest shareholder in the NSE, though it has opted to retain its full holding rather than participate in the OFS. New India Assurance owns a 1.64% stake and is participating in the IPO’s OFS component.Delhi based Orierntal Insurance Company holds a 1.42% stake and is offloading portions of its shares through the public listing.National Insurance has a 1.42% stake and is monetising shares in the OFS.United India Insurance Company also holds shares and is divesting a portion of its stake via the NSE IPO.
Hyundai Motor India’s Rs 27,870-crore IPO holds the record of the country’s largest public issue. The NSE offering, however, would surpass the Rs 21,000-crore IPO of LIC launched in 2022.