NSE IPO: SBI, LIC-Backed Insurers, Canada's Pension Fund Among Sellers In OFS

The National Stock Exchange of India (NSE) has announced key details of its much-awaited initial public offering (IPO), with 10 existing shareholders set to offload their stakes in the country's largest stock exchange.

The NSE IPO will open for public subscription on September 17 and close on September 21. The price band has been fixed at Rs 1,700-1,785 per share.

According to the red herring prospectus (RHP), the NSE IPO will be entirely an offer for sale (OFS), with existing shareholders selling their stakes. The exchange has reduced the size of the OFS by around 15% after several shareholders scaled back the number of shares they plan to sell.

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The NSE IPO will comprise an OFS of up to 12,64,36,650 equity shares by 10 existing shareholders. At the upper end of the price band, the issue size stands at Rs 22,568.94 crore.

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The proposed OFS has been reduced from the earlier plan to sell 14,89,05,525 shares, bringing down the overall issue size from the initial estimate of around Rs 30,000 crore.

NSE IPO: List Of Selling Shareholders

State Bank of India (SBI), the country's largest state-run lender, will sell up to 1,59,69,410 equity shares in the NSE IPO. SBI's weighted average acquisition cost for these shares is just Rs 0.80 per share, implying a substantial gain on the sale. The lender had earlier proposed to sell 2,47,50,000 shares.

Canada Pension Plan Investment Board Corporate will offload up to 1,18,74,060 NSE shares. The shares were acquired at an average cost of Rs 324.13 apiece.

Aranda Investments (Mauritius) Pte Ltd will sell up to 1,12,46,336 NSE shares. Its average acquisition cost stands at Rs 62.38 per share.

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MS Strategic (Mauritius) Limited will offload 1.10 crore NSE shares. It has reduced its proposed sale by 50 lakh shares from the earlier plan.

The New India Assurance Company Ltd. Corporate will sell 1.05 crore NSE shares, while SBI Capital Markets will offload 87,80,590 shares.

Bank of Baroda will sell 76,90,375 shares, while Stock Holding Corporation of India Limited Corporate will offer 61,87,500 equity shares in the OFS.

General Insurance Corporation of India will sell 61,87,500 shares, while United India Insurance Company will offload 60,00,000 NSE shares.

NSE IPO: Who Cut Their OFS?

Several shareholders have reduced their proposed stake sale ahead of the IPO. Stock Holding Corporation of India has cut its proposed sale by 47 lakh shares, while General Insurance Corporation of India has reduced its offer by nearly 45 lakh shares.

Bank of Baroda has lowered its proposed sale by nearly 33 lakh shares.

In contrast, Canada Pension Plan Investment Board and Aranda Investments (Mauritius) have retained their proposed sale quantities unchanged.

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