NSE's IPO to be second biggest till now as offer size cut, price band lowered

NSE is set to launch its IPO on September 17 with a price band of Rs 1,700-1,785 per share, aiming to raise between Rs 21,494 crore and Rs 22,569 crore through an offer for sale of 12.64 crore shares. The size and price band were trimmed from earlier indications of 14.9 crore shares and grey market prices of around Rs 2,400, making it the second biggest IPO in India after Hyundai Motors' Rs 27,870-crore issue. Subscriptions close on September 21 with listing planned for September 24, with allocation of 50 percent to QIBs, 15 percent to NIIs and 35 percent to retail investors.