The National Stock Exchange (NSE) will launch its initial public offering (IPO) for subscription on September 17, paving the way for the bourse's much-awaited listing.
The three-day public issue will close on September 21. The bidding for anchor investors will take place on September 16.
NSE IPO price band has been set at Rs 1,700 to Rs 1,785 per share, according to the red herring prospectus (RHP). The IPO lot size is 8 shares, and the minimum investment amount required by a retail investor is Rs 14,280.
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The issue is entirely an offer for sale of 12,64,36,650 equity shares by existing shareholders, compared to 14.9 crore shares planned earlier. At the upper end of the price band, the total size of the NSE IPO is worth Rs 22,568.94 crore.
The proposed OFS has been reduced from the earlier plan, bringing down the overall issue size from the initial estimate of around Rs 30,000 crore.
The exchange will offer a discount of Rs 170 per share to its eligible employees.
NSE IPO allotment is expected to be finalized on September 22, and the IPO listing date is likely September 24.
Kotak Mahindra Capital Co. Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the NSE IPO registrar.
According to the RHP, State Bank of India (SBI) has reduced its proposed OFS to around 1.60 crore shares from 2.47 crore shares, while Morgan Stanley Strategic (Mauritius) Ltd has cut its offer to 1.1 crore shares from 1.6 crore shares.
Bank of Baroda, Stock Holding Corporation of India Ltd and General Insurance Corporation of India have also reduced their proposed share sale. SBI Capital Markets Ltd is a new selling shareholder in the RHP.
Since NSE IPO is entirely an OFS, the proceeds from the share sale will accrue to the selling shareholders and not to the NSE.
Last week, markets regulator Sebi gave clearance to NSE to proceed with its public issue.
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