BSE Ltd hires merchant bankers for its IPO

An Illuminated Bombay Stock Exchange building during the muhurat trading
The Bombay Stock Exchange (BSE) has tapped Edelweiss Financial Services as the lead underwriter for its IPO

BSE, Asia’s oldest stock exchange, has taken its first concrete step towards an IPO, which would offer its investors the opportunity for an exit.

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BSE has hired merchant bankers and a legal team for the issue. The exchange had requested Sebi to provide approval “permitting BSE to proceed with the IPO and listing of BSE’s shares on a recognised stock exchange”.

Sebi, in January 2016, had amended the existing SECC regulations to make it easier for stock exchanges to list their shares through an IPO.

In a letter dated 22 January 2016, BSE told the Securities and Exchange Board of India (Sebi) that it is fully compliant with Sebi regulations and is ready for an initial public offering (IPO). A BSE spokesperson confirmed the development in an email.

BSE shareholders include Deutsche Börse AG, Singapore Exchange Ltd, Life Insurance Corporation of India, State Bank of India, Bajaj Holdings and Investment Ltd, US billionaire George Soros’s hedge fund Quantum’s Mauritius investment arm Quantum (M) Ltd, Canada-based investor Thomas Caldwell’s Caldwell India Holdings Inc. and US fund Argonaut Private Equity.

In 2010, when Soros bought a 3.9% stake in BSE for aboutRs.160 crore from Dubai Financial Group, the exchange was valued at around Rs.4,000 crore.

For the fiscal year ended 31 March 2015, BSE reported revenue of Rs.624.75 crore, up 18% from the Rs.529.82 crore it earned in the previous year. In 2014-15, it earned a profit of Rs.155.53 crore, up from Rs.135.19 crore in the previous year.

Currently, Multi Commodity Exchange of India (MCX) is the only listed exchange in India.

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