Listing panel revamped: NSE to file IPO prospectus in Jan; overseas listing by April

In April, IFCI sold 1.50 lakh shares in the NSE for Rs 59.25 crore, valuing the exchange at Rs 17,800 crore. BSE Ltd has said it is aiming to file for an IPO as early as this year.

By: ENS Economic Bureau | Mumbai | Published: June 28, 2016 1:45:59 am
National Stock Exchange, NSE, domestic initial public offering, IPO, Securities and Exchange Board of India, Sebi, india news The NSE board, after a meeting on Friday, has also revamped a listing committee, which will be tasked with taking decisions related to the IPO, the exchange said in a statement.

The National Stock Exchange (NSE) has decided to go for a domestic initial public offering (IPO) by January and also pursue listing abroad.

The bourse said it would file the draft red-herring prospectus (DHRP) with the Securities and Exchange Board of India (Sebi) by January 2017 and added “the board has also advised the management to file for overseas listing by April 2017.” The exchange did not disclose how much money it would seek to raise via the listing and which exchange it would target for the listings.

The NSE board, after a meeting on Friday, has also revamped a listing committee, which will be tasked with taking decisions related to the IPO, the exchange said in a statement.

However, it did not disclose the identity of the new members. The exchange has been facing intense pressure from its shareholders to go public and had formed a listing committee to expedite the listing process and seek support for self-listing. The exchange had reportedly approached the government and Sebi to bring in norms for self-listing.

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In April, IFCI sold 1.50 lakh shares in the NSE for Rs 59.25 crore, valuing the exchange at Rs 17,800 crore. BSE Ltd has said it is aiming to file for an IPO as early as this year.

Five stakeholders, including Norwest Venture Partners, SAIF Partners and GTI Capital, have accused management of ignoring them and purging their views from minutes.

The NSE has strongly denied these claims and argued it was keen on a listing, but was uncomfortable with current regulations that require it to list on another exchange rather than on itself, thus exposing it to being regulated by a rival bourse. The exchange has lobbied regulators for permission to self-list or be regulated by the country’s securities regulator Sebi.

The exchange appointed Ashok Chawla, the former head of the Competition Commission of India, as its chairman in May.

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