The National Stock Exchange of India’s IPO drew more than $10 billion by the final day of bidding on Monday. The $2.3 billion IPO, the country’s biggest after Hyundai Motor India’s, opens new tab $3.3 billion offering.
NSE received bids for 505.81 million shares, 5.71 times the 88.64 million shares on offer after three days of bidding, exchange data showed.
Including anchor investments, the total value of bids stood at Rs 96,476 crore ($10.07 billion) at the upper end of the IPO’s price band of Rs 1,700-1,785 per share.
NSE shares are scheduled to begin trading on Thursday, September 24, marking the culmination of a decade-long effort by India’s biggest stock exchange operator to enter the public markets.
As per the BSE data, the IPO had received 3.92 times subscription by 2:35 pm. At that stage, the portion reserved for qualified institutional buyers was subscribed 7.99 times, while the non-institutional investor category was subscribed 5.07 times. The retail portion was subscribed 1.13 times.
Last week, NSE had raised Rs 6,746 crore from anchor investors with the anchor book included state-owned Life Insurance Corporation of India, Goldman Sachs and Fidelity, along with sovereign wealth funds such as GIC Singapore, Abu Dhabi Investment Authority and Norges Bank, Eastspring and HSBC Global Asset Management also participated in the anchor round, as reported by PTI.
The book-built issue is valued at Rs 22,561.57 crore and comprises the sale of 12.64 crore shares. Since it is an OFS, the proceeds from the share sale will go to existing shareholders selling their holdings rather than directly to NSE as fresh capital.
India’s largest bourse has a 93% share in the cash market and nearly 75% in options. Investors on the exchange jumped 40% over two years to 129.09 million as of March end.
NSE’s listing plans had remained stalled for nearly a decade amid regulatory hurdles.
NSE IPO Draws Over Rs 96,000 Crore, Subscribed 5.7 Times As Bidding Ends
