National Stock Exchange prepares DRHP filing, targets ₹5‑5.25 lakh crore valuation

NSE likely to file DRHP for IPO by Thursday, eyes ₹5 lakh crore valuation, suggests report(Reuters)AI Quick ReadIndia's biggest stock bourse, National Stock Exchange (NSE), is gearing up for the launch of its much-awaited public offer, with media reports suggesting that it could file its draft papers this week in a significant step towards its journey to list on Dalal Street.

According to a CNBC TV-18 report, NSE is likely to file the draft red herring prospectus (DRHP) with the market regulator Sebi for its initial public offering (IPO) by Thursday. Other media outlets like Business Standard and PTI had reported that filing of draft papers was likely this week.

“The exchange is looking at getting listed between Navratri and Diwali this year. We will have roadshows before that,” sources told the business news channel.

Mint could not independently verify this report.

Furthermore, the report added that NSE could seek a valuation of ₹5-5.25 lakh crore. NSE, which has around 1.8 lakh shareholders, is valued at over ₹5 lakh crore in the unlisted market, according to market participants, suggested a PTI report. The unlisted NSE shares are quoting at upwards of ₹2,000 in the unlisted market as of June 16.

CNBC-TV18 had earlier reported that the exchange was looking to offload a 4-5% stake in its IPO worth ₹20,000 crore and make NSE one of the biggest IPOs for the Indian market.

When NSE had first filed its draft offer documents in 2016, the IPO size was pegged at ₹10,000 crore. However, Sebi withheld approval amid concerns related to governance lapses and the co-location case.

Since then, the exchange has made multiple representations to the regulator seeking clearance and has undertaken various governance and compliance measures.

In January, Sebi Chairman Tuhin Kanta Pandey said in January that the regulator had granted "in-principle" approval to NSE's settlement application in the unfair market access case, a move widely seen as clearing a key hurdle for the IPO.

The public issue will be entirely an offer for sale (OFS), with no fresh issue component.

Life Insurance Corporation of India (LIC) is the single largest shareholder in NSE, holding a 10.72% stake. State Bank of India (SBI) and its subsidiary, SBI Capital Markets, together own around a 7.5% stake in the exchange.

Disclaimer: This story is for educational purposes only. We advise investors to check with certified experts before making any investment decisions.

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