India’s NSE files for IPO as $6.3 billion listings pipeline builds
What’s next: The share sale still needs regulatory clearance, and a planned Jio listing could make up nearly a third of last year’s IPO haul.
India’s National Stock Exchange has filed draft papers for an initial public offering, reviving a long-delayed listing by the country’s dominant bourse as large equity deals return to the market. The IPO will be entirely an offer for sale, with investors including State Bank of India, Canada Pension Plan Investment Board and Temasek reducing stakes. Pricing and valuation were not disclosed. NSE said in the filing it holds a 93% share of India’s cash market, nearly all equity futures trading and about 75% of equity options. Market experts cited by CNBC expect regulatory clearance to take two to three months. A separate Reliance Jio share sale, reported at about $4 billion, could lift combined fundraising above 600 billion rupees.