The National Stock Exchange of India (NSE) is set to begin formal marketing for its much-awaited initial public offering (IPO) as early as next week, marking a key step towards what could become one of the largest public issues in India’s history, Bloomberg reported.
The report said NSE plans to conduct investor roadshows across the United States, London, Singapore, Hong Kong, the Middle East and India as part of its marketing campaign. Citing people familiar with the matter, Bloomberg reported that the exchange is targeting a September listing and is currently in discussions with investment banks on the final marketing strategy.
Bloomberg noted that the plans remain under deliberation and details such as the IPO size, valuation and timeline could still change.
According to Bloomberg, the NSE is currently valued at more than ₹5.25 trillion (around $55.1 billion) in the grey market, based on data from the unlisted-stock trading platform UnlistedZone.com. At that valuation, the proposed stake sale could raise nearly ₹306 billion, potentially surpassing the ₹278.7 billion IPO of Hyundai Motor India’s 2024 listing, which remains India’s largest IPO to date.
Bloomberg also reported that NSE has appointed around 20 investment banks to manage the share sale, including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC Holdings and Citigroup.
NSE IPO holds the key to India’s next big IPO cycle
The exchange is expected to raise up to $3 billion, according to Bloomberg, joining a pipeline of marquee listings that also includes Reliance Industries’ Jio Platforms and SBI’s mutual fund business. NSE filed its draft red herring prospectus (DRHP) last month for an IPO comprising an offer-for-sale (OFS) only, with existing shareholders planning to sell up to 148.9 million shares, representing around 6% of the company.
Bloomberg noted that while both offerings are expected to attract strong interest from domestic investors due to their dominant market positions, the NSE IPO differs significantly in its structure. The issue is expected to be an OFS only, meaning the proceeds will go to existing shareholders rather than to the exchange itself.
In contrast, Jio Platforms’ proposed IPO is expected to include a fresh issue of shares, with a portion of the proceeds earmarked for reducing debt. Bloomberg said this distinction is particularly important in the current market environment, where India is seeking to attract foreign capital amid pressure on the rupee and volatile global conditions.
Bloomberg also observed that both NSE and Jio Platforms enjoy strong competitive advantages in highly regulated sectors with limited competition. However, it stressed that maintaining retail investor confidence will be crucial as India prepares for what could be its biggest IPO cycle in recent years.
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