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NSE MSE Trading Approval Takes Effect on Sept 24 Alongside ₹22,568.94 Cr IPO Listing
Author
Shoonya Team
The National Stock Exchange of India received permission to trade on the Metropolitan Stock Exchange of India, with the approval taking effect from September 24. The development coincides with NSE’s expected listing date on BSE, following the close of its public issue on September 21.
What is the MSE Trading Permission?
The approval allows NSE to commence trading on the Metropolitan Stock Exchange of India from September 24, adding another platform through which it can access activity in India’s capital market ecosystem.
NSE IPO Details
| IPO Detail | Figure |
|---|---|
| Price Band | ₹1,700 to ₹1,785 per share |
| Lot Size | 8 shares |
| Minimum Retail Application Amount | ₹14,280 |
| Final Subscription | 5.71 times |
| Offer Size at Upper Price Band | ₹22,568.94 crore |
| Valuation at Upper Price Band | Over ₹4.41 lakh crore |
How the Subscription Unfolded?
NSE’s public issue opened on September 17 and closed on September 21. The IPO was fully subscribed on its second day of bidding and closed at a final subscription of 5.71 times on the last day. Allotment was expected on September 22, with listing on BSE set for September 24.
Why the Offer Size Stands Out?
At the upper end of the price band, the issue size of ₹22,568.94 crore makes NSE’s IPO the second-largest in India so far. The issue is structured entirely as an offer for sale of 12.64 crore equity shares by existing shareholders. Since no fresh shares are being issued, NSE will not receive any proceeds from the offer.
Who Is Managing the NSE IPO?
Kotak Mahindra Capital Co. Ltd. served as the book-running lead manager. MUFG Intime India Pvt. Ltd. is the registrar handling investor applications and post-issue allotment work.
NSE shares are expected to list on BSE, its listed rival. BSE itself is listed on NSE and is part of key Nifty indices.
Final Outlook
September 24 brings two developments together for NSE: the start of trading on MSE and the listing of its shares on BSE. With the IPO subscribed 5.71 times and the exchange valued at over ₹4.41 lakh crore, NSE’s opening price on BSE and how MSE trading permission is implemented will be the two data points to watch on listing day.
Source: NDTV Profit
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