Kolkata: NSE or the National Stock Exchange of India has held discussions with its record battery of 20 investment bankers and the draft red herring prospectus (DRHP) will be filed by the month of June, reports have stated. It is going to mark the end of an agonizing 10 years for the country’s largest bourse which submitted a proposal to float an IPO in 2016 for Rs 10,000 crore but was thwarted by market regulator Sebi which had co-location objections on the grounds of unfair advantage to some brokers. The discussions with the investment bankers is the first step in drawing up the offer document which has to be submitted to the regulator. Only after it is approved by Sebi will NSE file the prospectus detailing the final details of the public issue.
Shareholders to be approached in April
The management of NSE met all 20 bankers together for the first time, where everyone agreed to a tentative timeline for the issue, the report in Mint said. It has already been reported that the issue is going to comprise only OFS shares, in which existing shareholders will be given an offer to sell their shares. Thus, the proceeds of the issue will not accrue to the company at all but will go to the shareholders putting up their shares for sale.
However, here is a catch. Not all shareholders of NSE can sell off their shares, partly or fully. “The exact date of the filing of the DRHP with SEBI is currently unknown. Accordingly, only such equity shares which have been held continuously since June 15, 2025 (the cut-off date) will be eligible to be sold in the Offer for Sale,” the report said quoting a communiocation by the registrar to the issue.
Green light on Jan 30
On January 30 this year, Sebi issued the No Objection certificate, which is the critical document that can trigger a public issue for any company. Following that green light, the NSE board formally approved the IPO through an Offer for Sale in a meeting on Feb 6.
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