- NSE's IPO will be a pure offer for sale with no fresh equity issued
- The entire NSE listing process is expected to take seven to eight months
- Offer-for-sale process and draft prospectus prep will take three to four months
The initial public offering of the National Stock Exchange will be a pure offer for sale, with existing shareholders selling shares and no fresh issue of equity, Chief Executive Officer Ashish Kumar Chauhan told NDTV Profit on the sidelines of an event on Saturday. The entire listing process is expected to take seven to eight months, he said.
Chauhan said the exchange will take three to four months to run the offer-for-sale process while preparing its draft red herring prospectus, after which it will submit the document to the regulator. “In total, the entire process will take seven to eight months,” he said.
The comments come a day after the Securities and Exchange Board of India granted a no-objection certificate for NSE's proposed listing after a decade-long wait, clearing a key regulatory hurdle. The approval allows the exchange to move ahead with filing its draft prospectus and initiating the sale of shares by existing investors.
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Existing Shareholders
The IPO will involve about 4% or more of NSE's equity being offered by current shareholders, Chauhan said. The exchange has around 191,000 shareholders, and some of them are expected to participate in the offer. “It remains to be seen which entity will give their shares,” he said, adding that no new shares will be issued as part of the listing.
Regulatory Process
People familiar with the matter told NDTV Profit said the no-objection certificate was issued on Friday without waiting for clearance from the regulator's high-powered advisory committee. The pending regulatory case involving NSE will be placed before that panel, followed by approval from two whole-time members of the regulator, they said.
After those approvals, the regulator will seek withdrawal of the pending case from the Supreme Court, which will lead to the formal closure of the matter, the people said.
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