India’s leading stock exchange National Stock Exchange of India (NSE) has decided to hire 4 merchant bankers including Citigroup Global and Morgan Stanley for its initial public offering (IPO). The other joint global co-ordinators are JM Financial Institutional Securities and Kotak Mahindra Capital Company.
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NSE, which plans to get listed in India as well as abroad, said it is committed to do so at the earliest. It will file draft IPO papers with markets regulator SEBI for the domestic public issue by January 2017 while it will file for overseas listing by April next year.
The exchange’s closest competitor, BSE, has already begun its IPO process after receiving in-principle approval from SEBI earlier this year and is likely to launch its IPO soon. BSE is Asia’s oldest exchange and has filed its offer for sale prospectus earlier this month to sell a 27.43% stake.
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The initial public offer (IPO) values NSE at Rs 45,000 crore. The valuation is being pegged at 30 times NSE’s projected earnings for fiscal 2018. That implies a net profit of Rs 1,500 crore for 2017-18. In fiscal 2016, NSE’s consolidated net profit fell to Rs 654 crore from Rs 1,026.5 crore in the previous year due to one-off expenses related to settlement guarantee funds, according to its latest annual report.
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