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National Stock Exchange (NSE) is going to invite banks for IPO worth about Rs 23,000 crore. NSE has invited proposals from investment banks to offer their shares in its long-pending IPO. It is being told that the exchange is planning to select consultants by mid-March. This claim has been made in the Bloomberg report quoting people associated with the case. However, NSE has not given any reaction regarding this.

This month NSE has formed a committee and appointed Rothschild & Co to oversee the listing process. Has been appointed as independent advisor. Rothschild is leading the process of selecting the chief banker, legal advisers and other associates. The move signals fresh momentum towards one of India's largest share sales. This IPO was stuck for many years due to regulatory and legal challenges. NSE operates the world's busiest derivatives market, where the largest number of contracts are traded.

IPO can raise Rs 22,700 crore

In this share sale, there will be a complete offer for sale, that is, the existing shareholders will sell their stake. According to the report, they can sell about 4% to 4.5% stake of the company. Based on the unlisted market price, this IPO can raise about $ 2.5 billion (about Rs 22,700 crore).

Waiting for 8 years

NSE is the largest stock exchange in the country in terms of market share. Its IPO is pending for more than 8 years. NSE had filed its draft IPO prospectus in December 2016. In August last year, the exchange had applied for No Objection Certificate (NOC) from SEBI for its proposed IPO, which it has now received. Recently, NSE MD and CEO Ashish Chauhan has said that it will take about 3 to 4 months to prepare DRHP. After this, it may take another 2 to 3 months to get the final approval from SEBI.