National Stock Exchange of India Ltd. has lowered the price range for its long-awaited initial public offering and may shrink the stake on sale, according to people familiar with the matter, putting what was set to be India’s biggest-ever listing out of reach.
The exchange is likely to price its shares at 1,700 rupees to 1,785 rupees apiece, below an earlier marketed range of 2,000 rupees to 2,100 rupees, the people said asking not to be identified because the information is private. It may also reduce the stake being offered to about 5.5% of the total equity capital from the originally planned 6%, after some shareholders backed out of selling their stakes at the lower price, they said.
