NSE IPO subscribed 43% on day 1
MUMBAI: The Rs 22,562 crore IPO for NSE, the largest stock exchange in India in terms of turnover and profits, received bids for nearly 3.8 crore shares against about 8.9 crore shares on offer in the post-anchor bidding process. This translates to an overall subscription of 43% of the total offer, which is on a par with any large issue in which institutional investors come in on the last day, market players said.The part reserved for employees was almost fully subscribed while the part reserved for non-institutional investors (HNIs) was subscribed 72%, data on BSE showed. The retail part in the offer, the second-biggest after Hyundai India’s Rs 27,800 crore offer, was subscribed 44% while the institutional part was subscribed 19%.NSE’s IPO and the subsequent listing are set to unlock value worth about Rs 1.5 lakh crore for domestic institutions, mostly from the financial sector. This is because while the unlisted NSE shares have so far been valued at their book value, mostly at their acquisition price, post-listing, the same stock would be marked to market. Domestic institutions such as SBI, SBI Caps, SHCIL, BoB and some other banks, along with some private life insurers, collectively hold NSE stakes worth about Rs 72,000 crore. tnn
