India's largest stock exchange, the National Stock Exchange (NSE), has taken a major step towards its long-awaited stock market debut by filing draft papers for an initial public offering (IPO) worth around ₹30,000 crore.
The issue, expected to be the largest IPO in Indian history, marks a significant milestone for India's capital markets after years of delays stemming from regulatory hurdles and allegations.
The NSE IPO is significant as it will allow public investors to buy and sell NSE shares through the regular stock market mechanism, with the shares expected to trade on its rival, BSE.
The exchange has been attempting to go public for nearly a decade, but the process was delayed due to regulatory and legal issues.
According to multiple reports, the IPO is expected to raise around ₹30,000 crore, which is almost 6% of the paid-up capital, with up to 148,905,525 Equity shares of face value ₹1 listed.
The proposed public issue is expected to be entirely an Offer for Sale (OFS), with existing shareholders selling a portion of their holdings, while the exchange itself will not receive fresh capital from the IPO.
Among the shareholders expected to participate are several domestic and international investors, including institutions such as State Bank of India, Canada Pension Plan Investment Board, and affiliates of Morgan Stanley.
The filing of draft papers now signals that the exchange is moving ahead with preparations for its public market debut, with MUFG Intime India Private Limited as the registrar.
After filing the DRHP, NSE will need to complete the regulatory review process before announcing the IPO timeline, price details, and subscription schedule.
