NSE launches offer for sale IPO selling 6% equity
After years of waiting and regulatory delays, the National Stock Exchange (NSE) is finally moving ahead with its IPO.
It's an offer for sale, so existing shareholders get to cash out around 6% of the exchange's equity (no new money raised for the company itself).
The IPO is expected to be worth about $3.3 billion, and top shareholders could collectively pocket nearly ₹25,000 crore.
Top shareholders to net nearly ₹25,000cr
State Bank of India stands to pocket ₹4,700 crore from selling its stake.
Morgan Stanley's Mauritius fund could snag ₹2,934 crore, Temasek's Aranda Investment arm about ₹2,067 crore, and Canada Pension Plan Investment Board around ₹1,871 crore.
Altogether, the top 10 shareholders are set to rake in nearly ₹25,000 crore.
IPO values NSE at roughly $57bn
The IPO will value NSE at roughly $57 billion, putting it in league with some of the world's most valuable stock exchanges.
This milestone comes after a long wait and signals big growth plans ahead for India's top exchange.