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NSE IPO Filing Nears After Decade of Regulatory Hurdles
NSE expected to file draft IPO papers with SEBI next week, moving closer to a listing stalled since 2016. The all-OFS issue could be among India's largest, with LIC holding 10.72%.
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The National Stock Exchange is expected to file its draft IPO papers with SEBI next week, people familiar with the matter said, moving the country's largest exchange closer to a listing that has been stalled for nearly a decade.
The board approved the proposed offering on Feb. 6 after receiving SEBI's no-objection certificate in January. The issue will be entirely an offer for sale, with no fresh capital raised.
The draft red herring prospectus is likely to be filed June 15 or June 16, the people said.
NSE has a broad shareholder base that includes domestic financial institutions, insurers, foreign investors and individual holders. Life Insurance Corp. of India is the single largest shareholder with a 10.72% stake. State Bank of India and its subsidiary SBI Capital Markets together own about 7.5%.
Among foreign investors with significant holdings are Aranda Investments, a unit of Temasek, and Canada Pension Plan Investment Board.