NSE anchor book exceeds expectations, says Ashishkumar Chauhan

The Managing Director and CEO of the National Stock Exchange (NSE), Ashishkumar Chauhan, has stated that the demand for the NSE's IPO anchor investors is significantly larger than originally anticipated. This stronger-than-expected demand for anchor investors comes after the introduction of merchant discount rate (MDR) charges on Unified Payments Interface (UPI) transactions exceeding ₹2,000, which Chauhan believes will have a short-term impact on transaction volumes.

Chauhan announced that the anchor book for the IPO is approximately ₹6,250 crore, which is lower than the earlier estimated ₹9,000 crore. The final investor line-up is still being determined, but investment majors like Goldman Sachs Asset Management, Franklin Templeton, and Fidelity International have shown early interest. Norges Bank Investment Management, Abu Dhabi Investment Authority, and GIC are also expected to participate in the anchor book bidding.

The exchange's IPO, an entirely offer for sale (OFS), is valued at ₹22,569 crore and is projected to become the country's second-largest public issue. NSE has not yet applied for a permitted-to-trade category for its shares, a decision that would be made in consultation with the Securities and Exchange Board of India (SEBI). Chauhan also revealed that NSE will have a 100% free float after listing, offering the exchange a unique profile compared to companies with lower public float.

The IPO is expected to open for public subscription on September 17 and close on September 21, with the price band set at ₹1,700 to ₹1,785 per share, potentially valuing the exchange at around ₹4.42 lakh crore at the higher end of the band.