The NSE's Rs 22,569 crore IPO has opened for subscription, but the absence of a fresh issue and a cooling grey market premium have raised some doubts over how much room the stock may have for listing-day gains. The IPO is entirely an offer for sale, with existing shareholders selling up to 12.64 crore shares at an upper price band of Rs 1,785 apiece.
NSE will not receive any proceeds from the issue. The offer opened on September 17 and received about 40% subscription. It will remain open for investors till September 21 with the shares expected to list on the BSE on September 24. State Bank of India, Bank of Baroda, Canada Pension Plan Investment Board and other existing investors are among the selling shareholders.
