The merchant bankers appointed for this issue are Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Navama Asset Management, HDFC Bank, Avendus Capital, Morgan Stanley India, Morgan Stanley India Global Market Company, JM Stangroup, India. HSBC Securities and Capital Markets India, IDBI Capital Markets and Securities, 360 ONE WAM, Anand Rathi Advisors, Dame Capital Advisors, Pantomat Capital Advisors and Equires Capital.
The exchange has also appointed eight legal advisors for the IPO: Cyril Amarchand Mangaldas, Khaitan & Co., Shardul Amarchand Mangaldas & Co., AZB & Partners, Tregal, JSA Lawyers & Advocates, Lutra & Lutra Law Offices, and S&R Associates.
The IPO will be an outright offer for sale (OFS), meaning that existing shareholders will sell a portion of their shares while the exchange itself will not raise fresh capital.
Existing investors are expected to upload about 4-4.5% of the total NSE shares through public issues. Life Insurance Corporation of India remains the single largest shareholder with a 10.72% stake. Other key investors include Aranda Investments Mauritius (4.54%), Stock Holdings Corporation of India (4.44%), SBI Capital Markets (4.33%) and Trust Investments (3.93%). It was not immediately known which shareholders would offer shares in the IPO.
In the unlisted market, NSE currently has a market capitalization of around ₹ 5 lakh crore. Based on prevailing prices in the gray market, the IPO could potentially raise around Rs 23,000 crore.
On Thursday, NSE shares closed at ₹ 1,975 in the unlisted market. Over the past month, the stock has declined 4.82%.
