NCDEX Files IPO Papers With SEBI To Raise Up To Rs 500 Crore
A man looks up at an electronic ticker board that indicates stock figures at the Bombay Stock Exchange (BSE) in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

NCDEX Files IPO Papers With SEBI To Raise Up To Rs 500 Crore

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The National Commodity and Derivatives Exchange Ltd. has filed a draft red herring prospectus with Securities and Exchange Board of India for an initial public offering.

The NCDEX IPO comprises a fresh issue worth up to Rs 100 crore and an offer for sale of up to 14,453,774 shares, according to the company’s DRHP. The issue is expected to raise Rs 500 crore, including fresh offering, merchant banking sources said.

The selling shareholders include Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative Ltd., Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III), Jaypee Capital Services Ltd., National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank, it said.

The company plans to use the IPO proceeds towards contribution to core settlement guarantee fund and towards net worth requirements of National Commodity Clearing Ltd. and general corporate purposes. ICICI Securities and SBI Capital Markets are the book running lead managers to the NCDEX IPO.

The agricultural commodity exchange offers services across the entire post-harvest agricultural commodities value chain by utilising a varied presence, which has enabled it to create a wide network of stakeholders and market participants.

It also engages in research, training and building awareness in agricultural commodities market through NCDEX Institute of Commodity Markets and Research.

Some of the key investors include National Stock Exchange of India, Life Insurance Corporation of India, National Bank for Agriculture and Rural Development, Indian Farmers Fertiliser Cooperative, Oman India Joint Investment Fund, Punjab National Bank, Canara Bank, Build India Capital Advisors LLP, and Investcorp Private Equity Fund.

NCDEX shares are proposed to be listed on the BSE and NSE.

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