National Stock Exchange is expecting to get listed on the BSE by September 2026, sources told NDTV Profit on Thursday.
The world's fifth largest stock exchange by market capitalisation is awaiting approval from the securities and exchange board of India (SEBI) on its draft red herring prospectus (DRHP).
SEBI is likely to greenlight the DRHP by Mid-August, sources said. International roadshows are currently underway for the issue, and NSE is also engaging domestic institutional investors as part of the IPO outreach.
The roadshows are expected to gauge investor demand and support price discovery ahead of the proposed share sale. However, the final issue size, valuation and listing timeline remain subject to market conditions and investor feedback received during the roadshows.
Additionally, SEBI is likely to issue the final settlement order in the NSE co-location case soon. The settlement amount expected to be "in excess of" Rs1,400 crore.
NSE's listing journey has stretched for almost 10 years. The exchange first filed its draft IPO papers in 2016, but the process was put on hold after the co-location controversy triggered regulatory scrutiny.
Since then, the exchange has worked to resolve various legacy issues, including settlement applications related to the co-location case.
The case pertains to complaints made in 2015 that the NSE gave preferential access to some co-location clients, thereby giving them a trading advantage.
NSE IPO
On June 17, the National Stock Exchange filed its draft red herring prospectus with the Securities and Exchange Board of India for its proposed initial public offering.
The IPO is entirely an offer for sale comprising 14.89 crore shares. Existing shareholders, rather than the exchange, will sell their stakes, meaning NSE will not receive any proceeds from the offering.
State Bank of India is the largest selling shareholder and plans to offload 2.475 crore shares. Life Insurance Corporation of India, the exchange's largest shareholder, will not participate in the offer.
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