NSE likely to price IPO at Rs 1,700-1,785 per share after a cut, say sources
The exchange may also reduce the stake being offered to about 5.5% of the total equity capital from the originally planned 6%, after some shareholders backed out of selling their stakes at the lower price, people said asking not to be identified because the information is private.
The proposed range would value the company at as much as 4.42 trillion rupees ($46.6 billion). The exchange previously targeted a valuation of as much as 5.26 trillion rupees, people familiar with the matter have said.
NSE, the operator of the world’s largest derivatives exchange by trading volume, is expected to announce the price range this week and open the IPO for subscription in the week beginning Sept. 14, the people said. Deliberations are ongoing and details including the price range and timing could still change, the people said.
A representative for NSE didn’t immediately respond to a request for comment.
At the top of the proposed range, the sale of a 5.5% stake would raise about 243 billion rupees. That’s below the 279 billion rupees raised by Hyundai Motor India Ltd. in 2024 in the country’s largest IPO.
The exchange filed its draft prospectus in June for an offering consisting entirely of secondary shares. India’s market regulator approved the IPO prospectus on Sept. 4.
Morgan Stanley, Temasek Holdings Pte, State Bank of India, Stock Holding Corporation of India Ltd., General Insurance Corp. of India, New India Assurance Co. Ltd., National Insurance Co. Ltd. and Oriental Insurance Co. are among the shareholders selling stakes in the offering, according to the filing.
