NSE Files for IPO as India's Mega-Listings Resume
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- National Stock Exchange filed draft papers for an IPO that is entirely an offer for sale, with 10 investors including State Bank of India, Canada Pension Plan Investment Board, and Singapore's Temasek paring their stakes; pricing and valuation remain undisclosed.
- NSE commands 93% of India's cash market, nearly 100% of equity futures trading, and about 75% of equity options trading, according to the draft filing, and has been pursuing a listing since 2016 with over 129 million unique registered investors.
- The IPO typically takes two to three months to clear India's capital market regulator, per market experts cited in the filing.
- Reliance Jio Infocomm, India's largest wireless operator, is expected to file papers for a ~$4 billion public issue on or before June 19, per the Financial Times.
- Together, the NSE and Reliance Jio IPOs could raise over 600 billion rupees (~$6.3 billion), roughly one-third of the total funds raised through 104 mainboard IPOs last year, according to Anand Rathi Investment Banking's Prashant Rao.
- India's IPO activity had been subdued amid the Middle East conflict fallout but is now resuming as the 'Iran war shows signs of ending,' per the source.
Why it matters: The NSE and Reliance Jio IPOs together could raise over $6.3 billion — roughly a third of India's entire mainboard IPO fundraising last year — signaling a thaw in deal-making after months frozen by Middle East conflict. For NSE's pre-IPO shareholders like Temasek and CPP Investments, the all-secondary structure offers their first exit after the exchange's eight-year quest to list.
