The price band for the much-awaited National Stock Exchange (NSE) IPO will be officially announced on Friday, September 11, CNBC-TV18 reported on Thursday, citing sources. The development comes a day after NSE filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges, taking the country's largest bourse a step closer to its long-awaited public listing.
The NSE IPO is now likely to be around Rs 23,000 crore in size, smaller than the roughly Rs 30,000 crore offering envisaged when the exchange filed its original draft red herring prospectus in June, Moneycontrol reported on Wednesday, citing sources. The reduction follows a decision by some existing shareholders, including public-sector insurance companies and Morgan Stanley, to sell fewer shares through the offer.
The IPO will remain entirely an offer for sale (OFS), meaning NSE will not receive any proceeds from the issue. The original DRHP had proposed an OFS of 14.89 crore shares, equivalent to around 6 percent of the exchange's equity. Further details, including the IPO price band and the resulting issue size, are expected with the official announcement on September 11.