IFCI shares rise 6.35% on NSE IPO optimism; stock up 35% in a month

Shares of IFCI rose 6.35% to Rs 102 on Friday, fueled by investor anticipation surrounding a proposed initial public offering for the National Stock Exchange of India. The National Stock Exchange had filed a draft prospectus in June for an offering consisting entirely of secondary share sales from existing shareholders. The filing indicated shareholders could sell 14.89 crore shares, representing approximately 6% of the exchange's paid-up equity capital. Sebi Chairman Tuhin Kanta Pandey stated the regulator was close to approving the draft red herring prospectus (DRHP) filed by the National Stock Exchange of India. A Bloomberg report from last month noted the exchange is seeking a valuation of up to Rs 5.26 lakh crore, equivalent to approximately $55 billion. IFCI owns more than 50% of Stock Holding Corporation of India, which holds over 4% of the National Stock Exchange. This structure creates an indirect stake for investors in the state-owned financial services company. Overall, IFCI shares have rallied nearly 35% over the past month as expectations build that the proposed listing could soon proceed.