The National Stock Exchange of India Ltd (NSE) has filed its draft red herring prospectus with the market regulator for what could be the biggest initial public offering (IPO) in India.
The IPO consists entirely of an offer for sale of up to 149 million equity shares by existing institutional shareholders, representing a total 6% of NSE’s paid-up capital.
Proceeds from the transaction will go entirely to the selling shareholders, which include State Bank of India, Canada Pension Plan Investment Board, affiliates of Morgan Stanley, Temasek, and public sector insurers.
LIC, the exchange’s single-largest shareholder with a 10.72% stake, will retain its stake, while several others partially sell their shares.
The IPO is expected to value NSE at approximately ₹29,780 crore, with a valuation of over ₹5 trillion, making it the country’s biggest public offering.
