Mumbai: After years of regulatory and procedural delays, the National Stock Exchange (NSE) has finally secured the necessary clearance to proceed with its long-awaited public listing. The approval, granted nearly ten years after the exchange initially filed for an IPO, could set the stage for one of the largest stock-market offerings in India.
The NSE IPO will be structured entirely as an Offer for Sale (OFS). Under the issue, 10 existing shareholders will sell a total of about 148.9 million shares. This represents roughly 6% of the NSE’s total 2.475 billion outstanding shares.
State Bank of India is expected to lead the sell-down, offering approximately 24.75 million NSE shares, which represents around 1% of the exchange’s total equity.
MS Strategic, a Mauritius-based investment entity associated with Morgan Stanley, and the Canada Pension Plan Investment Board are also among the major shareholders selling shares. They plan to sell about 16 million and 11.87 million NSE shares, respectively, equal to stakes of roughly 0.65% and 0.48%.
The country’s largest insurer, LIC, holding a 10.72% interest in NSE, has decided to stay out of the offer for sale (OFS).
The other shareholders offering their stakes include Bank of Baroda, Stock Holding Corporation of India, and Aranda Investments, a Mauritius-based wholly owned subsidiary of Temasek Holdings. Four public-sector insurers – New India Assurance Company, United India Insurance Company, General Insurance Corporation of India and National Insurance Company – are also part of the OFS.
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