The National Stock Exchange of India Ltd. (NSE) has reduced the size of the offer for sale (OFS) in its proposed initial public offering (IPO) by around 15%, according to NDTV Profit's review of the updated draft documents.
The exchange will now offer 12.64 crore shares through the OFS, compared with 14.89 crore shares proposed earlier. This represents a reduction of 2.25 crore shares, or about 15%, according to NDTV Profit's review of the updated draft documents.
The NSE IPO will comprise an OFS by existing shareholders, while the exchange will not receive any proceeds from the share sale.
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Earlier, NDTV Profit, quoting sources, reported that the NSE IPO price band is likely to be set at Rs 1,750 - Rs 1,785 per share. At the upper end of the proposed range, NSE would be valued at around Rs 4.42 lakh crore, lower than the roughly Rs 5 lakh crore valuation earlier envisaged for the IPO.
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Among the key shareholders, MS Strategic (Mauritius) has reduced the number of NSE shares it plans to sell to 1.10 crore shares, from 1.60 crore shares earlier.
The state-run Bank of Baroda has also slashed its proposed sale to around 77 lakh shares, while Stock Holding Corporation of India Ltd. and General Insurance Corporation of India Ltd. (GIC) have each reduced their proposed sale to around 62 lakh shares.
Meanwhile, other shareholders, including Canada Pension Plan Investment Board (CPPIB), Aranda Investments Pte Ltd. and New India Assurance Co. Ltd., have largely retained their proposed sale quantities.
NSE has been preparing for its public-market debut after years of regulatory and procedural developments. The exchange had previously filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
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