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National Stock Exchange of India files draft papers for $3-B OFS issue

Economic Times  

The National Stock Exchange of India has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India to initiate an initial public offering. The offering is structured entirely as an offer-for-sale, involving up to 14.89 crore shares to be sold by State Bank of India (SBI), Canada Pension Plan Investment Board (CPPIB), MS Strategic (Mauritius) Limited, Aranda Investments (Mauritius) Pte Ltd, and Bank of Baroda. Other stakeholders participating in the OFS include Stock Holding Corporation of India Ltd, General Insurance Corporation of India, The New India Assurance Company Ltd, National Insurance Company Ltd, and United India Insurance Company Ltd.The IPO is managed by a consortium of 20 merchant bankers, including Kotak Mahindra Capital, Morgan Stanley, HSBC, J.P. Morgan, SBI Capital Markets, HDFC Bank, and JM Financial, alongside eight law firms.Founded in 1994, The National Stock Exchange of India, is the country’s largest stock exchange and a participant in the global derivatives market. The company intends to use the filing to provide a formal market value for the exchange and offer investors direct exposure to its platform. The listing follows a previous attempt in 2016, which was stalled due to a controversy regarding co-location servers, a matter that has since been settled.

Between Jan 2007 and Mar 2023, National Stock Exchange had attracted about $ 2181 M from Elevation Capital, General Atlantic, Goldman Sachs, Actis, Morgan Stanley, Kotak Alternate, PremjiInvest, Norwest, Tiger Global, Beacon India, Temasek, GTI Group, Wolfensohn & Co., Faering Capital, TVS Capital, TPG Newquest, ChrysCapital, Fairfax Holdings, 360 ONE, Alpha Wave Global, Axis PE, Edelweiss Private Equity, Think Investments, TA Associates, Valiant Capital, Catamaran, CPPIB, Raintree Ventures, India Alternatives Others.For FY25, National Stock Exchange had reported about INR 15,433 Cr in Operating Income and about INR 11,245 Cr in PAT.