(Bloomberg) -- National Stock Exchange of India Ltd. appointed bankers including Citigroup Inc. and Morgan Stanley as the nation’s largest bourse prepares to go public early next year.
The NSE also hired JM Financial Institutional Securities Ltd. and Kotak Mahindra Capital to help sell shares in an initial public offer, the exchange said in a statement on Tuesday. The bourse said it will consider appointing more banks for additional roles.
“With these steps, NSE expects the listing process to gain further momentum,” the exchange said in a statement.
The NSE will file a draft offer document with the market regulator for a domestic listing by January and by April for selling shares overseas, it said in a statement in June. The bourse will stick to its plan of listing locally by early 2017 so it can give shareholders a chance to exit, Chief Executive Officer Chitra Ramkrishna said in an interview last month.
As many as 10 existing investors, including Tiger Global Five Holdings, Norwest Ventures Partners X FII - Mauritius and State Bank of India, have urged the NSE to accelerate plans to go public. Other shareholders include Goldman Sachs Strategic Investments Ltd., Morgan Stanley Strategic (Mauritius) Ltd. and Citigroup Strategic Holdings Mauritius Ltd., according to the NSE’s website.
The Multi Commodity Exchange of India Ltd., the nation’s only listed exchange, is valued at 51 billion rupees ($759 million) at current prices. IFCI Ltd. on July 4 said it had sold part of its stake in NSE at 3,950 rupees per share, valuing the bourse at 177.85 billion rupees, according to data compiled by Bloomberg.
The NSE reported net income of 4.39 billion rupees for the year ended March 31, compared with 7.8 billion rupees for the previous year, according to its website.