NSE IPO: Board Approves OFS Issue, Forms Committee To Steer Listing Plan

The National Stock Exchange of India on Friday approved the floating of its initial public offering, which would comprise only an offer-for-sale with no fresh issue component. The board nod comes days after the Securities and Exchange Board of India (SEBI) granted its no-objection certification (NOC) for the much-awaited IPO.

NSE, in a release, also confirmed the reconstitution of the IPO Committee. The panel will be chaired by non-independent director Tablesh Pandey, and will also include managing director and CEO Ashishkumar Chauhan, along with public interest directors Srinivas Injeti, Mamata Biswal, Justice (retired) Abhilasha Kumari, and G Sivakumar.

NSE, which is one of the two main stock exchanges of India, had first filed for an IPO back in 2016. However, regulatory issues and pending cases led to a 10-year wait.

The exchange is likely to file its draft red-herring prospectus in 3-4 months, and the listing is expected in around 8-9 months, sources privy to the development said last week.

ALSO READ: 10-Year Wait Ends: SEBI Gives NOC To NSE IPO, Listing Expected In 8-9 Months

Apart from approving the upcoming IPO, NSE's board on Friday also issued its nod for the setting up of a coal exchange arm. The subsidiary will be named as “National Coal exchange” or “Bharat Coal exchange” or “India Coal exchange”, and Rs 100 crore of capital infusion is planned for its setup, it said.

NSE also declared its financial results for the October-December quarter on Friday. One of the key highlights of its earnings scorecard was the sharp expansion in margin from 40.4% to 75.9% on a sequential basis, whereas the net profit increased 15% quarter-on-quarter to Rs 2,409 crore.

ALSO READ: NSE Board Approves Setting Up Of Coal Exchange Subsidiary With Rs 100-crore Net Investment

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