NSE slashes proposed IPO size to Rs 23,500 crore from initial plan of Rs 30,000 crore

The National Stock Exchange (NSE) submitted an updated draft red herring prospectus to the Securities and Exchange Board of India, proposing a reduction in its initial public offering value. Sources familiar with the matter indicated the new size ranges between Rs 22,500 crore and Rs 23,500 crore. This figure is lower than the earlier plan of Rs 30,000 crore announced by the organization. The offer for sale by existing shareholders will represent approximately 5.25% of the exchange's paid-up capital rather than the previously planned 6%. NSE initially proposed offering up to 14.89 crore shares, which has been reduced to 12.64 crore in the new filing. The organization expects to launch the issue in the third week of September, with anchor investors permitted to open subscriptions on September 17. Consequently, the original target for NSE's IPO as India's largest ever will likely be unmet unless other major issuers exceed this size in the future.