The National Stock Exchange's much-awaited nearly Rs 30,000-crore initial public offering is likely to open for subscription on September 18 and make its stock market debut on September 25, sources said on Tuesday, setting the stage for what could become India's biggest-ever IPO. The price band is expected to be announced on September 15, while the anchor investor book is likely to open on September 17. The public issue is expected to remain open for bidding on September 18, September 21 and September 22. NSE, however, has not made any official announcement on the proposed issue calendar.
At around Rs 30,000 crore, the offering is expected to surpass Hyundai Motor India's Rs 27,870-crore IPO in 2024 and set a new record for the country's primary market. The NSE issue will be entirely an offer for sale of up to 148.9 million equity shares with a face value of Rs 1 each, representing nearly 6 per cent of the exchange's paid-up equity capital. Since there will be no fresh issue of shares, NSE will not receive any proceeds from the IPO, with the money going to existing shareholders selling their stakes.
Listing planned before Pitru Paksha
Sources said the proposed schedule has been drawn up to ensure that NSE shares are listed before the 16-day lunar period of Pitru Paksha begins on September 26. The IPO has been in the works for nearly a decade and received crucial regulatory clearance from the Securities and Exchange Board of India earlier this month, clearing a major hurdle to the exchange's long-awaited listing.
NSE is India's largest stock exchange by trading activity and operates the benchmark Nifty 50 index. It is also the world's most active derivatives exchange by the number of contracts traded. The proposed listing would mark a significant milestone for the exchange and India's capital markets after years of regulatory and legal hurdles delayed its plans to go public.