BSE IPO To Be The First In 2017, Opens On January 23
Asia’s oldest stock exchange is being valued at Rs 4,560 crore.
The Bombay Stock Exchange (BSE) has set its initial public offer (IPO) for January 23-25, Asia’s first stock exchange said in a filing on Friday. This will be the first IPO to hit the markets in 2017.
Shares are expected to list on rival National Stock Exchange (NSE) on or around February 3.
BSE is looking to raise close to Rs 1,300 crore by selling 1.54 crore shares or 28.26 percent of the total shareholding through the offer for sale route. The price band for the offer has been fixed at Rs 800-850, the exchange said in its red herring prospectus.
More than 300 shareholders are either looking to sell part of their holding or completely exit from the company. At the upper end of the price band, BSE is expected to have a market capitalisation of Rs 4,560 crore.
The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.
BSE's listing will come ahead of rival NSE's which had in December 2016 filed its draft prospectus to dilute 22.5 percent stake with stock market regulator SEBI. NSE is looking to raise Rs 10,000 crore through its IPO, according to Bloomberg, as it eyes a valuation of over Rs 44,000 crore. This is 10 times higher than that of BSE.
NSE’s offer will be India's largest since Coal India Ltd.’s IPO in October 2010, according to Bloomberg.