Shares of IFCIBSE 10.93 % rallied over 10 per cent in early trade on Thursday after the National Stock Exchange (NSE) filed the draft red herring prospectus (DRHP for a Rs 10,000 crore initial public offering (IPO) with the market regulator Sebi on Wednesday.
IFC holds around 3 per cent stake in the stock exchange. This will be the largest public offering in India in the past six years since the Rs 15,400 crore offer from Coal India BSE -0.03 % (CIL). The CIL BSE -0.03 % listing remains the largest-ever primary market issue in the country.
The exchange plans to sell a total of 11.14 crore shares, or about 22.5 per cent of its equity capital, in the offer.
Among the foreign investors selling their stakes through the IPO are Tiger Global, Aranda Investments, SAIF Investments and Norwest Venture Partners. Domestic investors offloading shares through the offer include SBI and one of its arms, IDBI BankBSE 3.07 % and IFCI.
LIC, the exchange’s single largest shareholder, is not selling any stake through the IPO .
Competitor BSE is also on track to go public with a Rs 1,500 crore offering in 2017
IFCI shares were trading 8.91 per cent higher at Rs 26.90 around 10 am (IST). The scrip opened the day at Rs 27.15 and touched a high and low of Rs 27.50 and Rs 26.40, respectively, in the first one hour of trade. BSE benchmark Sensex was trading 10 points, or 0.04 per cent, up at 26,221.
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