The National Stock Exchange of India has moved a step closer towards listing, having recently finalised the process for the selection of intermediaries for the proposed IPO.
Having appointed 20 intermediaries, NSE is set to become the IPO with the highest number of book-running managers in the history of Dalal Street, overtaking ICICI Prudential.
Having listed on the bourses at the end of last year, ICICI Prudential had notably made history by appointing an 18-bank syndicate of Book Running Lead Managers (BRLMs) for its Rs 10,602 crore offer for sale.
That has now been triumphed by NSE, which will have 20 BRLMs, with the list involving the likes of Morgan Stanley, Kotak Mahindra Capital Company, JM Financial, Axis Capital and SBI Capital Markets, among others.
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Here, we will take a look at some of the IPOs which had the highest numbers of BRLMs in the history of Dalal Street.
1. ICICI Prudential Asset Management Company (2025): 18 BRLMs. This currently holds the absolute record for the highest number of merchant bankers on a single Indian IPO. This will be beaten by NSE, subject to final listing.
2. HDB Financial Services (2025): 12 BRLMs.
3. Schloss Bangalore / The Leela (2025): 11 BRLMs.
4. Aditya Birla Sun Life AMC (2021): 11 BRLMs.
5. Tata Capital (2025): 10 BRLMs.
6. Life Insurance Corporation of India - LIC (2022): 10 BRLMs.
7. HDFC Life Insurance (2017): 10 BRLMs.
8. SBI Mutual Fund (Upcoming): 9 BRLMs have been appointed for its proposed issue.
9. Ola Electric Mobility (2024): 8 BRLMs.
10. SBI Life Insurance (2017): 8 BRLMs.
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