Sebi clears NSE IPO papers for a mega OFS
About Rs 30,000 crore of shares could make it India's biggest listing yet.
The Securities and Exchange Board of India on Friday issued final observations on the National Stock Exchange's draft IPO papers, clearing a long-delayed path to listing.
The issue is entirely an offer for sale of up to about 14.89 crore shares, roughly 6% of paid-up equity. Existing shareholders sell. The exchange itself gets no proceeds. News reports put the likely size near Rs 30,000 crore, which would put it ahead of Hyundai Motor India's roughly Rs 27,870-28,000 crore IPO as India's largest concluded issue if that number holds.
Hindu BusinessLine said NSE may file an updated red herring prospectus and announce a price band next week, with subscription possibly the week after and a listing targeted before 25 September. Unlisted-market chatter has valued the exchange around Rs 5 lakh crore, with recent unlisted quotes cited near Rs 1,950-2,100 a share, though the IPO band is not yet official.
The listing push revived after Sebi and NSE settled long-running co-location and dark-fibre cases, and after the Supreme Court accepted settlement terms that removed a major legal block. NSE had filed its draft red herring prospectus in June.
NSE already dominates India's equity derivatives market. A public listing turns that private franchise into a widely held stock and unlocks exits for banks, funds and other shareholders who have waited years.
Size is the other story. A Rs 30,000 crore OFS would reset the IPO league table and test how much appetite is left for a financial-infrastructure name at a rich private-market valuation.
Watch the price band and the RHP update. Until those land, the Rs 30,000 crore figure and the unlisted quotes are guides, not the final book. The calendar points to a September launch if Sebi's clearance converts into a firm timetable.