According to sources familiar with the situation, the much-awaited Initial Public Offering (IPO) of the National Stock Exchange (NSE) is expected to be priced around ₹1700–₹1800 per share.
Sources added that the size of the Offer for Sale (OFS) may be reduced from the initially planned 6 percent to 5.25 percent, which will lead to a lower overall offering volume compared to the previously projected ₹30,000 crore.
The pricing for the exchange's IPO, which will consist solely of OFS, is expected to be announced next week, and the offering itself is likely to commence later in the same week. Shares may be listed on BSE on September 25.
In the over-the-counter market, NSE shares were trading at approximately ₹2025 per unit, according to UnlistedZone data. As of Wednesday, the premium in the grey market was about ₹228.
The exchange plans to file an updated draft prospectus early next week. Sources also noted that the expected price range reflects the reaction of institutional investors during the roadshow.
One source stated that a more attractive offer was made regarding the pricing for small investors participating in the OFS.
The exchange filed its preliminary documents with the Securities and Exchange Board of India (Sebi) in June and received regulatory approval for the Draft Red Herring Prospectus (DRHP) on September 4. Earlier this month, the Supreme Court allowed Sebi appeals regarding joint listing and dark fiber following a settlement in which NSE paid approximately ₹1,491.21 crore.
A source familiar with the developments explained the reduction in offering volume by stating that some shareholders do not wish to sell now under OFS, as they believe they can achieve a higher price after listing.
