The National Stock Exchange of India (NSE) has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator Sebi, formally setting in motion an IPO that has been delayed for nearly a decade. According to the document, the IPO, with a face value of Rs 1, is entirely an offer-for-sale of up to 14.89 crore shares by SBI and other key existing investors. The size of the issue is expected to be around $3 billion, according to a source aware of the development.
The filing marks the culmination of a listing process first attempted in December 2016, when NSE filed its first DRHP for a Rs 10,000-crore issue before the process was stalled by the co-location controversy.
