NSE IPO to raise up to Rs 22,569 crore in revised offering
India's stock exchange NSE will raise between Rs 21,494 crore and Rs 22,569 crore from its initial public offering. Existing shareholders have reduced their share sale commitment to 12.64 crore units.
India's premier stock exchange, the National Stock Exchange of India (NSE), announced final details for its long-delayed initial public offering on Friday. The company plans to raise capital ranging between Rs 21,494 crore and Rs 22,569 crore from the issuance. Existing shareholders have agreed to sell a revised 12.64 crore shares for sale, which is lower than the initial indication of 14.9 crore shares. The price band has been set between Rs 1,700 and Rs 1,785 per share, down from a grey market high of around Rs 2,400. Subscription opens on September 17 and closes on September 21, with listing tentatively scheduled for September 24. Ashishkumar Chauhan, the Chief Executive and Managing Director, stated that long-time investors reduced their offering to maintain equity exposure in the company. The issue combines a public offer and an offer for sale. NSE remains India's largest stock exchange.
