NSE Appoints Four Bankers for its IPO, Investors Eye Listing by March 2017
One step closer to listing its shares, the National Stock Exchange has announced the names of four joint global coordinators for its Initial Public Offer (IPO), as decided by the exchange’s board on August 22, the exchange said in a press release.
The four bankers appointed include, Citigroup Global Markets India Private Ltd., JM Financial Institutional Securities Ltd, Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Private Ltd. The exchange will list its shares on the Bombay Stock Exchange.
Sohil Chand, managing director of Norwest Ventures Partners said that he is happy with the progress made by the new board and their commitment to IPO, in a telephonic interview with BloombergQuint. Norwest Ventures Partners holds 2.11 percent of NSE’s shares.
The commitment that they made to us and made a public statement as well, that they will file the DRHP (Draft Red Herring Prospectus) by January and I am hoping that the IPO will happen by March 2017. Before March 2017, our expectation is that these shares will be listed.Sohil Chand, Managing Director, Norwest Ventures Partners
Additionally, NSE appointed Cyril Amarchand Mangaldas as the legal adviser, and Price Waterhouse & Co and Chartered Accountants LLP as joint statutory auditors for the financial year 2016-17.
The exchange might consider appointment of more banks for additional roles, if needed, the release added.
NSE posted Rs 390.50 crore as total income from operations in June quarter of financial year 2016-17. Net profit for the exchange stood at Rs 186.9 crore in the same quarter, as per disclosure on its website.