NSE eyes September launch for $3 billion IPO; marketing likely to begin next week

NSE is targeting a September launch for a mega IPO worth up to $3 billion, with marketing expected to begin next week and investor roadshows planned across the US, UK, Singapore, Hong Kong, the Middle East and India. Existing shareholders will sell up to 148.9 million shares (around 6% stake) entirely through secondary share sales, and the exchange has appointed about 20 banks including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC and Citigroup. At an estimated gray market valuation of about 5.25 trillion rupees ($55.1 billion), the issue could raise roughly 306 billion rupees, potentially surpassing Hyundai Motor India listing as the country largest IPO on record.