NSE Seeks Investment Banks for $2.5 Billion IPO Advisory Role
National Stock Exchange of India Ltd. Seeks Investment Banks for IPO
The National Stock Exchange of India Ltd. (NSE) has issued a request for proposals to investment banks, inviting them to pitch for roles on its long-awaited initial public offering (IPO). The exchange plans to select advisers by mid-March, with Rothschild & Co. leading the selection of lead bankers, legal counsel, and other intermediaries as an independent adviser.
The move signals renewed momentum for what could rank among India's largest ever share sales. The IPO had been stalled for several years amid regulatory and legal challenges. The exchange operates the world's busiest derivatives market by number of contracts traded, with a significant presence in the Indian financial market.
The planned share sale will be an entirely offer for sale, with existing shareholders expected to divest about 4% to 4.5% of the company's equity. Based on prices in the unlisted market, the IPO could raise approximately $2.5 billion, making it one of the largest share sales in Indian history.
Investor Takeaway
Investors should be aware of the potential for a large IPO in the Indian market.
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