NSE IPO could value India’s top bourse at about $57 billion

India’s National Stock Exchange has moved ahead with a long-delayed initial public offering that could value the country’s largest bourse at about $57 billion. Draft papers filed this week show the deal will be a pure offer-for-sale, with existing shareholders selling about 6% of NSE’s equity and the exchange raising no fresh capital. At around 1,900 rupees a share, the IPO could raise about $3.3 billion, putting it among India’s biggest listings this year. Reuters calculations based on the prospectus show top sellers including State Bank of India, Temasek’s Aranda Investment arm and Canada Pension Plan Investment Board stand to book major gains. NSE is the world’s most active derivatives exchange and has faced years of regulatory delays before reaching the filing stage.