The National Stock Exchange’s (NSE) long-awaited initial public offering (IPO) is expected to be priced at around ₹1,700-₹1,800 per share, according to people aware of the development. Sources added that the offer-for-sale (OFS) size may be trimmed to 5.25 per cent from 6 per cent, reducing the issue size from the previously estimated ₹30,000 crore.
The pricing for the exchange’s IPO, which will comprise only an OFS, is expected to be announced next week, with the issue also likely to open later in the week. The shares may list on the BSE on September 25. In the unlisted market, NSE shares were trading at around ₹2,025 apiece, according to data from UnlistedZone.
The grey market premium stood at around ₹228 as of Wednesday. The exchange is expected to file an updated draft red herring prospectus early next week. Sources said the expected price range follows the response from institutional investors during roadshows.
“Regarding pricing, it has been made more attractive for small investors to benefit in OFS,” said a source. The bourse had filed its draft documents with the Securities and Exchange Board of India (Sebi) in June and received the market regulator’s approval for the DRHP on September 4.
Earlier this month, the Supreme Court disposed of Sebi’s appeals in the co-location and dark-fibre matters following a settlement of around ₹1,491.21 crore by NSE. “The issue size is being reduced on the count that some of the shareholders do not want to sell now at the offer for sale.
They believe that they may get better price than the OFS later on after the listing,” said a source familiar with the developments.