IFCI shares rally 6%, turn multibagger as NSE IPO gets SEBI nod. More upside ahead?
IFCI shares rallied 6% after Sebi approved NSE’s much-awaited IPO, clearing a key hurdle for the exchange’s listing. IFCI has indirect exposure to NSE through its majority stake in Stock Holding Corporation of India. The stock has surged over 500% in three years, with analysts seeing further upside.
IFCI shares surged 6% on Monday following the National Stock Exchange's (NSE) approval for its Initial Public Offering (IPO) by the Securities and Exchange Board of India (Sebi). This approval marks a crucial step towards the IPO, which is anticipated to raise approximately Rs 30,000 crore. The offering will involve selling up to 14.89 crore equity shares through an offer-for-sale (OFS).
IFCI holds over a 50% stake in Stock Holding Corporation of India (SHCIL), which in turn owns over 4% in NSE. Consequently, IFCI's stock becomes highly sensitive to NSE's IPO developments.
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