NSE targets $55B valuation in upcoming IPO
What's the story
The National Stock Exchange (NSE) is eyeing a valuation of up to $55 billion for its upcoming initial public offering (IPO). The move could make it one of India's largest market listings. According to Bloomberg, the exchange has been pitching its shares at a price range of ₹2,000-₹2,100 per share during investor meetings. At the upper end of this range, NSE's valuation could touch some ₹5.26 lakh crore.
Roadshow progress
Final meetings to be held in the Middle East
NSE, which runs the world's largest derivatives exchange by trading volume, has nearly completed its global roadshow. The final meetings are yet to be held in the Middle East.
The IPO is likely to launch in the second half of September after a three-week delay in regulatory approval due to changes in the list of selling shareholders.
Market position
Proposed valuation highlights scale of NSE IPO
At the top end of its marketed price range, NSE would be valued at around $55 billion (some ₹5.26 lakh crore). This would make it the sixth-largest global exchange operator by market capitalization.
The proposed valuation highlights the scale of the NSE IPO, which has been closely monitored by investors after years of delays and regulatory challenges.
Offering details
NSE appoints 20 banks to manage share sale
The NSE IPO will be a complete offer for sale (OFS), meaning the exchange won't receive any funds from the issue.
Existing shareholders plan to sell up to 14.89 crore shares, or some 6% of the company.
The final size of the offering and list of selling shareholders could determine its final valuation and structure.
To manage this share sale, NSE has appointed 20 banks.