The National Stock Exchange of India (NSE) has commenced taking orders for its initial public offering (IPO), which has a price range of 1,700 rupees to 1,785 rupees per share. The subscription period will conclude on September 21. This IPO is testing investor interest given that NSE's valuation is considered high compared to some of the world's largest listed exchanges.
The offering is an offer-for-sale by existing shareholders, meaning the NSE itself will not receive any proceeds from the sale. The number of shares offered has been reduced to 126.44 million from the previously planned 148.9 million, according to the updated prospectus.
At the upper end of the price band, the IPO is set to be India's third-largest ever, valuing the company at approximately $46 billion. However, this valuation is reportedly 15% to 20% lower than what was initially sought during pre-deal roadshows, and 40% lower than private market valuations. The IPO is expected to raise $2.3 billion to $2.4 billion.
