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Asia's oldest stock exchange BSE may raise 12.43b rupees in IPO

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[MUMBAI] Indian stock exchange BSE Ltd's initial public offering (IPO) of shares next week may raise as much as 12.43 billion rupees (S$260 million) for its investors, based on the indicative price range for the sale announced on Monday.

Investors, led by Singapore Exchange Ltd, Atticus Mauritius and billionaire George Soros' Quantum, will be selling up to 15.4 million shares in Asia's oldest stock exchange in a price range of 805 rupees to 806 rupees per share, according to a public announcement.

The IPO, which will be open for sale from Jan 23 to Jan 25, will value the stock exchange at about 44 billion rupees (S$920 million) at the top end of the price range. By comparison, Hong Kong Exchanges and Clearing Ltd has a market capitalisation of nearly US$30 billion, while the Singapore Exchange is valued at more than US$5.5 billion.

BSE's offering will be the first in Indian markets in 2017, after companies raised about US$4 billion in 2016 from initial share sales making it the best year in six.

Founded in 1875, BSE, whose first venue for broker meetings was under a banyan tree in India's financial capital Mumbai, has long been considering an IPO. However, a lack of clarity on the rules for listing stock exchanges had delayed the process.

Indian investment banks Edelweiss and Axis Capital along with Jefferies and Nomura are the global coordinators for the BSE offering. Motilal Oswal, SBI Capital Markets, SMC Capitals and Spark Capital are the other bookrunners.


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