NSE IPO price likely at Rs 1,700-1,785 per share; stake sale may be cut to 5.5%

The latest market report highlights that National Stock Exchange of India Ltd. is likely to price its long-awaited initial public offering at 1,700 indian indian rupee terms to 1,785 indian indian rupee terms a share, below an earlier marketed range of 2,000 indian indian rupee terms to 2,100 indian indian rupee terms, according to people familiar with the matter.

The exchange may additionally reduce the stake being offered to around 5.5% of the total equity capital from the originally scheduled 6%, after some shareholders backed out of selling their stakes at the softer price, people stated asking not to be identified because the information is private.

The proposed range would value the firm at as much as 4.42 trillion indian indian rupee terms ($46.6 billion). The exchange previously targeted a valuation of as much as 5.26 trillion indian indian rupee terms, people familiar with the matter have stated.

NSE, the operator of the world’s largest derivatives exchange by trading volume, is anticipated to announce the price range the current week and open the IPO for subscription in the week beginning Sept. 14, the people stated. Deliberations are ongoing and details including the price range and timing could still change, the people stated.

A representative for NSE didn’t immediately respond to a request for comment.

At the top of the proposed range, the sale of a 5.5% stake would raise around 243 billion indian indian rupee terms. That’s below the 279 billion indian indian rupee terms boosted by Hyundai Motor India Ltd. in 2024 in the country’s largest IPO.

The exchange filed its draft prospectus in June for an offering consisting entirely of secondary shares. India’s market regulator approved the IPO prospectus on Sept. 4.

Morgan Stanley, Temasek Holdings Pte, State Bank of India, Stock Holding Corporation of India Ltd., General Insurance Corp. of India, New India Assurance Co. Ltd., National Insurance Co. Ltd. and Oriental Insurance Co. are among the shareholders selling stakes in the offering, according to the filing.