NSE likely to price IPO at 1,700-1,785 Indian rupees per share, source says

The National Stock Exchange of India may price its initial public offering (IPO) at between 1,700 and 1,785 Indian rupees per share, according to a source familiar with the matter. At the higher end of this price range, the NSE would be valued at a staggering 4.4 trillion rupees ($46.41 billion), positioning it among India's biggest companies by market capitalization.

This anticipated IPO is expected to be one of the most significant in India's history, potentially even surpassing the size of Jio Platforms, led by billionaire Mukesh Ambani. The exchange is renowned for its dominance in India's equity derivatives market and holds the title of the world's most-active derivatives exchange by contracts traded.

The source did not provide their name, citing their lack of authorization to speak to the media. According to sources, the listing is anticipated to occur during the week of September 21 after receiving clearance for the IPO. Reuters reached out to the NSE for a comment, but the exchange did not respond promptly. Earlier, Reuters had reported that the exchange aimed for a listing in the week starting September 21.

Bloomberg News had previously shared the price band earlier on Tuesday. Bloomberg News cited sources claiming that the NSE might offer a reduced stake of approximately 5.5% of the total equity capital, as opposed to the originally planned 6%. However, Reuters was unable to independently verify this information.