National Stock Exchange will open its initial public offering on 17 September with a price band of ₹1,700 to ₹1,785 per share. The issue size has been reduced to 12.64 crore shares, equal to 5.1% of equity capital. The offer will close on 21 September and listing is expected on 24 September.
Anchor investors will be allotted shares on 16 September. The lot size is fixed at eight shares and multiples of eight. Allocation will be up to 50% for qualified institutional buyers, at least 15% for non institutional investors, and at least 35% for retail investors.
The entire issue is an offer for sale of existing shares. State Bank of India will sell 1.59 crore shares, while Canada Pension Plan Investment Board, Aranda Investments, MS Strategic, and New India Assurance are among other sellers. SBI Capital Markets will also offload 87.8 lakh shares. National Insurance Company has withdrawn its offer.
The basis of allotment will be finalized on 22 September. Refunds and credit to demat accounts will be done on 23 September. Shares will list on both BSE and NSE on 24 September.
This IPO is expected to attract strong investor interest as NSE is India’s leading platform for equity and derivatives trading.
