New Delhi: The proposed National Stock Exchange of India (NSE) IPO seems to gathering steam. NSE has appointed 20 merchant bankers, along with several law firms and other intermediaries, to manage its initial public offering (IPO). It is a big step towards the country’s largest exchange’s much-awaited listing.
Srinivas Injeti, who is heading the NSE IPO committee, gave his approval of the appointments at a meeting held on Thursday.
The development comes after NSE board in February gave its nod to proceed with its long-pending IPO. The exchange has informed SEBI that its proposed IPO will consist entirely of an offer-for-sale (OFS) by existing shareholders, with no fresh issue of shares.
NSE released a statement, saying that the selection of intermediaries was carried out through a “structured, transparent and competitive process” based on an evaluation framework approved by the IPO committee.
NSE IPO: Strategic appointments driving listing forward
The 20 merchant bankers appointed include Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors, Equirus Capital, Citigroup Global Markets India, J.P. Morgan India, and HSBC Securities.
Eight law firms have also been roped in. These are – Sidley Austin Singapore Pte. Ltd., AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal, Cyril Amarchand Mangaldas, Khaitan & Co, and Latham & Watkins LLP.
The intermediaries appointed are as follows: Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants, MUFG Intime India, and Makarand M Joshi & Company.
The selected intermediaries will support NSE across various aspects of the proposed offering, including regulatory filings, due diligence, documentation, marketing and execution, in accordance with applicable laws and regulations.
With the completion of this process, the engagement of Rothschild & Co India Private Limited as the process advisor for selection and appointment of NSE’s IPO intermediaries / advisors, has drawn to a close today.
In January, the Securities and Exchange Board of India (Sebi) granted a no-objection certificate (NOC), to NSE to move ahead with its IPO plans after more than a decade of delays.
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