The mega Rs 22,569-crore initial public offering of the National Stock Exchange of India (NSE) opened for subscription on Thursday, with the issue getting subscribed 43% on the first day of bidding.
The offering is India's second-largest public issue after Hyundai Motor India's Rs 27,870-crore IPO in 2024.
ALSO READ: NSE Not Permitted To Trade On Own Platform, Too Early For Self-Trading Nod: SEBI Chief
The NSE IPO received bids for 3.83 crore shares against 8.86 crore shares on offer, as per data available with the exchanges.
The category for non-institutional investors was subscribed 72%, and the retail portion was booked 44 per cent. The quota for Qualified Institutional Buyers (QIBs) garnered 19% subscription.
The NSE on Wednesday raised Rs 6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity.
Additionally, sovereign wealth funds GIC Singapore, Abu Dhabi Investment Authority (ADIA) and Norges Bank, as well as Eastspring and HSBC Global Asset Management also participated in the anchor round.
The IPO comprises an offer-for-sale (OFS) of up to 12.64 crore equity shares by existing shareholders.
The exchange has fixed a price band of Rs 1,700-1,785 per equity share for the IPO. It will command a valuation of up to Rs 4.42 lakh crore at the upper end of the price band.
The issue will close on Sept. 21.
The reduction in the OFS size from the earlier planned 14.9 crore shares has brought down the overall issue size from the initial estimate of around Rs 30,000 crore. At the lower end of the price band, the issue is estimated at around Rs 21,494 crore, while at the upper end it would amount to around Rs 22,569 crore.
The IPO surpassed the Rs 21,000-crore offering of LIC in 2022, but remains below Hyundai Motor India's record public offer.
Since the offering is entirely an OFS, the proceeds from the share sale will accrue to the existing shareholders and not to the NSE.
ALSO READ: NSE IPO: GMP, Price Band, Valuation, Risks, Review — 5 Key Details As Issue Opens
The public issue marks a significant milestone for the NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.
NSE is expected to make its market debut on Sept. 24.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.