NSE is marketing shares at ₹2,000-2,100 apiece, targeting a $55 billion valuation. The IPO faces a three-week delay as SEBI reviews changes to selling shareholders.
The National Stock Exchange of India is seeking a valuation of as much as ₹5.26 trillion ($55 billion) in its planned initial public offering, marketing shares at ₹2,000 to ₹2,100 apiece, people familiar with the matter said.
The exchange has concluded most of its global roadshow, with meetings in the Middle East still to complete, the people said. The offering is now expected to launch in the second half of September after a delay of about three weeks.
The delay came after changes to the list of selling shareholders, including the addition of SBI Capital Markets Ltd., the people said. The Securities and Exchange Board of India requires a 21-day public feedback period for any document changes.
NSE's roadshow involved about 120 large global investors, including BlackRock, Capital Group, GQG Partners, Janus Henderson Group and Allspring Global Investments, the people said. The exchange has appointed 20 banks for the share sale, including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC Holdings and Citigroup.
At the top of the marketed range, NSE would rank sixth in market value among global exchange operators, narrowly behind London Stock Exchange Group and just ahead of Nasdaq, the people said. CME Group and Intercontinental Exchange are the top two at about $97 billion and $86.9 billion, respectively.
CME Group, which operates the largest derivatives exchange by revenue, carries an AlphaScala Alpha Score of 63/100, indicating Moderate sentiment. Morgan Stanley, one of the lead bankers on the IPO, scores 61 (Moderate). BlackRock, a potential investor, has a Mixed score of 49.
The offering consists entirely of secondary share sales. Existing shareholders plan to sell as many as 148.9 million shares, representing about 6% of the company, according to the draft prospectus filed in June.
The thesis holds if SEBI clears the draft prospectus by early September and anchor investors commit at the ₹2,100 level. A reversal would come with a prolonged regulatory review or a downturn in global exchange stocks.
The 21-day public feedback period started after the updated draft was filed. No date has been set for SEBI's final approval.
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