BSE files IPO papers with SEBI, may raise Rs 1,200-1,300 crore

Asia’s oldest bourse Bombay Stock Exchange (BSE) has filed draft papers with markets regulator SEBI to raise an estimated Rs 1,200-1,300 crore initial public offering (IPO). The board of directors, at its meeting 7 September 2016 approved the draft red herring prospectus (DRHP). Reports have suggested Rs 400-650 as the possible IPO price, depending on various parameters. Brokers are also bullish about the IPO price. Some feel when compared to valuations of MCX, the only listed bourse and NSE, which has started its listing process, “Rs 550 upwards would be reasonable” for BSE shares. 

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BSE — earlier known as the Bombay Stock Exchange – had received in-principle approval from SEBI earlier this year to list its shares. The exchange received robust response for the proposed OFS from the shareholders who have offered to tender an estimated three crore shares.

As of September, BSE had 9,855 shareholders. Of these, 8,559 were public shareholders who held about 55 per cent in the bourse. The remaining 1,296 were trading members or their associates. Of these, as many as 262 shareholders have put their shares on block in the offer. The exchange had reported a 40 per cent increase in its consolidated net profit at Rs 52.72 crore for the first quarter ended June 2016.

The Securities and Exchange Board of India (SEBI) notified amendments to the Stock Exchanges and Clearing Corporations regulations on January 1. The new rules are aimed at making it easier for stock exchanges to list their shares through an IPO. Soon after the amendments, the exchange had sought approval for launching the IPO, saying it is in compliance with all the requirements for listing.

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