Bourse intends to offer 111.42 million shares representing 22.5% of post-offer paid up equity

The National Stock Exchange of India (NSE), the country’s largest bourse in terms of market share, has filed a draft prospectus for its proposed initial public offer (IPO).

According to the draft prospectus, the exchange intends to offer 111.42 million shares representing 22.5 per cent of the post-offer paid up equity capital of the company. Media reports suggest that the issue size could be as large as ₹10,000 crore.

This assumes significance as many large shareholders of NSE, including the State Bank of India and other public sector banks, were seeking the public listing of the exchange for quite some time now.

 In the past, shareholders have even written to the board and senior management of the exchange to expedite the listing process so that there would be greater transparency in pricing of shares and exits could be facilitated on the stock exchange platform.

Interestingly, the development comes close on the heels of the exit of its high-profile chief executive officer (CEO) Chitra Ramakrishna, who was also a part of the founding team of the exchange.

According to the draft document, some of the bigger shareholders including Tiger Global, Aranda Investments, Citigroup Strategic Holdings, IDBI Bank, SBI, SAIF Investments, GS Strategic Investments and Norwest Venture Partners would offer their shares for sale as part of the public issue.