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BSE, Asia’s oldest stock exchange, set to raise Rs 1,240 crore from IPO

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You may have traded in stocks on the Bombay Stock Exchange. Soon, you will be able to buy and sell shares of the Asia’s oldest stock exchange itself.

BSE’s much anticipated initial public offering is set to hit the capital markets later this month. The exchange has set a price band of Rs 805-806 a share for the public issue.

This will be the first  IPO of 2017 and will raise around Rs 1,241 crore at the upper end of the price band. The issue opens for sale from January 23-25 and values the exchange at around Rs 4,400 crore.

The IPO, is essentially an offer for sale, giving an exit opportunity to some of its large shareholders.

Singapore Exchange, investment firm Acacia Banyan Partners, Caldwell India Holdings and Atticus Mauritius are among those selling about 1.54 crore shares in BSE.

BSE was established in 1875 and today over 5,500 companies are listed on the stock exchange. The total market capitalisation of BSE-listed companies stands at around Rs 110.41 trillion.

Edelweiss Financial Services, Axis Capital, Jefferies and Nomura are the lead managers and global coordinators for the IPO. Motilal Oswal, SBI Capital Markets, Sparc Capital and SMC are the co-book running lead managers.

BSE’s rival National Stock Exchange too has already set the ball rolling for its initial public offering, which will also be an offer for sale giving existing shareholders an exit.

Fund raising via capital markets touched a six-year high in 2016, with over 26 companies raising more than Rs 26,000 crore via public issues.

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Author:

I am a business journalist by profession and have close watch on equity markets and developments across FMCG, Retail, real estate, auto and information technology sectors in India. When not writing, I am an avid photographer (instagram.com/nachiket.kelkar) and Arsenal FC fan. I also love train spotting.

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