NSE cuts IPO size, may raise 23.5k crore
The National Stock Exchange of India is reducing its upcoming IPO size to approximately Rs 23,500 crore by lowering the number of shares offered and adjusting the price band. The move follows lukewarm interest from existing shareholders and a downward revision of the exchange's total valuation.
Why it matters
As India's largest stock exchange, the NSE's IPO is a major financial event that will impact market liquidity and investor sentiment in the region.
MUMBAI: IPO-bound National Stock Exchange (NSE), the largest stock exchange in India by turnover and profits, is reducing the size of its offering to about 5.3% of its equity base, from 6% planned earlier. The stocks will be offered in a price band of Rs 1,700 to Rs 1,785 per share, people in the know said.In effect, the reduced size and also the price band would together cut the offer size to about Rs 23,500 crore. Earlier, NSE's IPO was expected to raise about Rs 30,000 crore, which would have made it the largest current public listing in India.According to people in the know, even during pre-IPO days when NSE management was persuading its shareholders to offer their shares in the IPO, very few were willing to sell their stakes in the offer.
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