The National Stock Exchange (NSE) is set to list on September 24, with its much-awaited initial public offering (IPO) process kicking off next week, sources said. The price band for the IPO is likely to be Rs 1,700 -1,785 per share, with the formal announcement expected on Friday.
The anchor book is scheduled to open on September 16, followed by the public issue opening for investors on September 17. The IPO will remain open on September 18 and September 21, sources said. NSE has filed Red Herring Prospectus (RHP) today with Registrar of Companies (RoC). NSE is offering 12.64 crore shares in the RHP, down from 14.89 crore shares proposed in the June DRHP, a reduction of 2.25 crore shares.
As per sources, some public-sector insurance companies have reduced their proposed OFS, while MS Strategic (Mauritius), an entity linked to Morgan Stanley, has also decided to cut the number of NSE shares it plans to sell, sources said. National Insurance Company, General Insurance Corporation of India, New India Assurance and United India Insurance are among the PSU insurers participating in the OFS.
The proposed issue size is now likely to be around Rs 23,000 crore, significantly lower than the roughly Rs 30,000 crore offering envisaged in NSE's original DRHP filed in June. The number of shares offered is also expected to fall from the earlier 14.89 crore shares.
The reduction in the OFS comes despite strong investor interest. Sources said the institutional book has seen interest of around Rs 85,000 crore, indicating significant demand for the country's largest stock exchange.