NSE said to seek up to US$55 billion valuation in record India IPO
Deliberations are ongoing and details of the deal may change
The National Stock Exchange of India (NSE) is reportedly seeking a valuation of up to US$55 billion for its planned initial public offering (IPO), according to sources familiar with the matter. The exchange, which operates the world's largest derivatives market by trading volume, has set the marketed price range for its shares at 2,000 rupees to 2,100 rupees during discussions with potential investors.
NSE has completed most of its global road show, with remaining meetings scheduled in the Middle East. Investor meetings took place in various cities across the United States, Europe, and Asia, attracting over 120 global investors, including prominent firms such as BlackRock, Capital Group, and GQG Partners. The IPO is expected to launch in the second half of September, though the timeline has been delayed by three weeks due to changes in the list of selling shareholders, including the addition of SBI Capital Markets.
With a valuation of US$55 billion, NSE would rank sixth globally among exchange operators, just behind the London Stock Exchange Group and ahead of Nasdaq. The sale of the 6% stake on offer could generate approximately 315 billion rupees, surpassing the 278.7 billion rupees raised by Hyundai Motor's Indian unit in 2024, making it the largest IPO in the country's history.
NSE has engaged 20 banks to facilitate the share sale, with existing shareholders planning to sell up to 148.9 million shares, constituting about 6% of the company.
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