BSE Ltd, whose first venue for broker meetings was under a banyan tree in the Fort area of Mumbai in 1875, will sell 28.26 per cent of the equity capital to the public next week. BSE shares will be listed on the NSE as Sebi rules don’t allow self-listing of exchanges.
The initial public offering, which will be open for sale from January 23 to January 25, is likely to value the exchange in a range Rs 4,400-9,000 crore after listing, according to different estimates.
During the IPO, shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band. Among the existing shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, Mauritius-based arm of American investor George Soros’ Quantum Fund and foreign fund Atticus.
“After taking intensive feedback from the institutional investor and following due process, price discovery has been done. Further based on international comparisons (with global stock exchanges) I think we have arrived at a fair price,” Edelweiss Securities president and CEO Vikas Khemani said at a press conference here.