The merchant bankers empanelled for the issue include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities and Capital Markets India, IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.
The exchange has also appointed eight legal advisers for the IPO: Cyril Amarchand Mangaldas, Khaitan & Co, Shardul Amarchand Mangaldas & Co, AZB & Partners, Trilegal, JSA Advocates & Solicitors, Luthra and Luthra Law Offices, and S&R Associates.
The IPO will be entirely an offer for sale (OFS), which means existing shareholders will dilute part of their stakes while the exchange itself will not raise fresh capital.
Existing investors are expected to offload about 4-4.5% of NSE’s total equity through the public issue. Life Insurance Corporation of India remains the single-largest shareholder with a 10.72% stake. Other key investors include Aranda Investments Mauritius (4.54%), Stock Holding Corporation of India (4.44%), SBI Capital Markets (4.33%) and Veracity Investments (3.93%). It could not be immediately ascertained which shareholders will offer shares in the IPO.
In the unlisted market, NSE is currently valued at around ₹5 lakh crore. Based on prevailing prices in the grey market, the IPO could potentially raise about ₹23,000 crore.
On Thursday, NSE shares in the unlisted market closed at ₹1,975 apiece. Over the past month, the stock has declined 4.82%.