NSE’s roughly Rs 30,000 crore IPO has received SEBI’s go-ahead after a delay of nearly a decade, with the regulator issuing its observation letter on September 4.
The long-running holdup traced back to the co-location scandal, which had repeatedly pushed back the exchange’s public listing plans.
NSE’s offer-for-sale issue is scheduled to open for subscription on September 15, with listing on the BSE expected around September 24-25.
NSE will list on the BSE rather than its own platform, since exchange regulations prevent it from listing on itself.
The approval followed the Supreme Court’s dismissal of SEBI’s appeals against NSE in the co-location data centre and dark-fibre cases on September 3.
NSE eventually settled with SEBI, paying roughly Rs 1,491 crore, about $155 million, to resolve the matter and clear the path for the IPO.
India’s Supreme Court dismissed SEBI’s appeals against NSE in cases tied to the co-location data centre and dark-fibre matters on September 3, removing a major hurdle just a day before the observation letter was issued.
The fully offer-for-sale issue is set to open for subscription on September 15, with a listing on the BSE targeted for around September 24-25.
Because exchange regulations prevent NSE from listing on its own trading platform, the exchange will debut on the rival Bombay Stock Exchange instead.
The IPO involves an offer of approximately 149 million equity shares, with the overall issue size estimated at around Rs 30,000 crore.
Life Insurance Corporation of India is expected to retain its stake in NSE through the listing, even as several other existing shareholders use the offering to cash out.
The IPO is set to rank among the largest public offerings in Indian stock market history once it completes, given the scale of the offer and NSE’s dominant position in domestic exchange trading.
NSE has long been the largest stock exchange in India by trading volume, making its public listing a closely watched event for both retail and institutional investors.
Photo of the NSE building, Wikimedia Commons, CC BY-SA 4.0
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