The National Stock Exchange’s highly anticipated share sale advances, with bids surpassing the halfway point on the second day, driven by robust demand from retail and non-institutional investors amid a lucrative valuation and significant market momentum.
National Stock Exchange’s long-awaited share sale moved past the halfway mark on the second day of bidding on Friday, with investors placing bids for 4.62 crore shares against 8.86 crore on offer by 10.58am. The issue had been subscribed 0.52 times, with the strongest interest coming from non-institutional investors, while retail demand was also ahead of qualified institutional buying. The offering, priced in a band of ₹1,700 to ₹1,785 a share, is one of India’s biggest public issues and the country’s second-largest after Hyundai Motor India’s ₹27,870-crore float last year.
According to the issue details, NSE is raising about ₹22,561.57 crore through an offer for sale, meaning existing shareholders are selling stock and the exchange itself will not receive the proceeds. The deal is split between institutional investors, non-institutional investors and retail buyers, with the minimum retail application set at eight shares, or ₹14,280 at the top of the price band. The subscription window opened on Thursday, September 17, and closes on Monday, September 21.
Grey-market indicators suggested a modest premium, with NSE shares trading around ₹1,927, or about 7.96 per cent above the issue’s upper price, according to websites that track such activity. The allotment is expected on September 22, with shares due to be credited on September 23 and listing slated for September 24. Brokerage views have leaned positive: Swastika said the valuation still leaves room for re-rating, while Ventura pointed to NSE’s dominant market position, technology strength and long-term growth prospects in India’s capital markets.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
