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National Stock Exchange of India Files Draft Papers for IPO

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The National Stock Exchange of India has initiated the process of its public listing by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on Wednesday, according to the filing made the same day.

The IPO consists entirely of an offer for sale, with existing shareholders collectively divesting 148.9 million equity shares, or around 6% stake in the exchange. The shares are proposed to be listed on the other Indian stock exchange, BSE.

The selling shareholders include the largest seller, State Bank of India (NSE:SBIN, BOM:50011), offering up to 24.75 million shares. Others include MS Strategic (Mauritius), which will divest up to 16 million shares, while Canada Pension Plan Investment Board has offered up to 11.9 million shares in OFS.

The offer price and timing of the IPO will be detailed at a later date.

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