The National Stock Exchange of India on Wednesday filed draft papers for an initial public offering, in what will be one of two mega IPOs in the country this year alongside Mukesh Ambani’s Reliance Jio.
NSE, India’s largest bourse and the world’s most active derivatives exchange, has been trying to list since 2016, when it first submitted IPO papers with the markets regulator that were stalled due to an ongoing regulatory enquiry.
The exchange has an estimated valuation of $55 billion based on shares traded in the unlisted market, which would place it among India’s 10 largest companies by market capitalisation. That is comparable to the London Stock Exchange Group, valued at $58 billion. Rival exchange BSE was listed in 2017.
While NSE has not detailed a timeline for its IPO, the public offer after Indian regulatory clearances would take at least three to four months.
Jio flotation
Billionaire Mukesh Ambani’s Reliance Jio Infocomm is set to fire the starting gun on its delayed IPO and India’s most anticipated flotation, according to a Financial Times report.
Jio could file a draft prospectus for its expected $4bn IPO with Sebi within days and just before Ambani’s annual speech on Friday to shareholders of Reliance Industries, the report said.
Manipal offer
Manipal Health Enterprises, which runs the Manipal Hospitals chain, is likely to launch its initial public offering as early as next month, according to a Bloomberg report.
