Mumbai: BSE Ltd has scheduled its initial public offering (IPO) for 23-25 January, according to a filing by India’s second biggest stock exchange. Investment bankers said the BSE IPO could raise around Rs1,350 crore.

More than 300 shareholders in BSE, including Singapore Exchange Ltd (SGX) and a Citigroup Inc. unit, will sell up to 15.4 million shares with a face value of Rs2 each, according to the share sale prospectus filed with the Securities and Exchange Board of India.

SGX will sell 5.09 million shares, or a 4.7% stake, making a complete exit. Other shareholders who have tendered their shares include Atticus Mauritius Ltd, Mauritius investment arm Quantum (M) Ltd, GKFF Ventures, Acacia Banyan Partners Ltd, Canada-based investor Thomas Caldwell’s Caldwell India Holdings Inc., and Bajaj Holdings and Investment Ltd.

Individual shareholders, mainly brokers and trading members, hold 56.83% of BSE. The rest is held by institutions such as the Life Insurance Corporation of India, State Bank of India and Bajaj Holdings, besides foreign bourses.

The shares are expected to list on rival National Stock Exchange, on or around 3 February, BSE, Asia’s oldest stock exchange, said in the filing.

BSE’s listing would come ahead of that by NSE Ltd, which filed for an IPO late last month with bankers saying it could raise about Rs10,000 crore.

ALSO READ | After 141 years, BSE still needs a niche for IPO success

On 4 January, market regulator Securities and Exchange Board of India approved BSE’s IPO, giving it the go-ahead to launch the share sale. BSE has hired eight merchant bankers, including Edelweiss Financial Services Ltd, Axis Capital Ltd, Jefferies India Pvt. Ltd, Nomura Financial Advisory and Securities (India) Pvt. Ltd and SBI Capital Markets Ltd.

Currently, Multi Commodity Exchange of India Ltd is the only listed bourse in the country.

BSE earned a net profit of Rs86 crore for the previous two quarters ending 30 September, 2016 on revenue of Rs273 crore. In 2015-16, BSE’s net profit stood at Rs132 crore on revenue of Rs516 crore. Reuters

A Mint staff writer contributed to this story.

Close
×
My Reads Logout