India’s top stock exchange hires Citi, Morgan Stanley for share sale

Business Tuesday 23/August/2016 15:49 PM
By: Times News Service
India’s top stock exchange hires Citi, Morgan Stanley for share sale

Mumbai: National Stock Exchange of India (NSE) appointed bankers including Citigroup and Morgan Stanley as the nation’s largest bourse prepares to go public early next year.
The NSE also hired JM Financial Institutional Securities and Kotak Mahindra Capital to help sell shares in an initial public offer, the exchange said in a statement on Tuesday. The bourse said it will consider appointing more banks for additional roles.
"With these steps, NSE expects the listing process to gain further momentum,” the exchange said in a statement.
The NSE will file a draft offer document with the market regulator for a domestic listing by January and by April for selling shares overseas, it said in a statement in June. The bourse will stick to its plan of listing locally by early 2017 so it can give shareholders a chance to exit, Chief Executive Officer Chitra Ramkrishna said in an interview last month.
As many as 10 existing investors, including Tiger Global Five Holdings, Norwest Ventures Partners X FII - Mauritius and State Bank of India, have urged the NSE to accelerate plans to go public. Other shareholders include Goldman Sachs Strategic Investments, Morgan Stanley Strategic (Mauritius) and Citigroup Strategic Holdings Mauritius, according to the NSE’s website.
The Multi Commodity Exchange of India, the nation’s only listed exchange, is valued at Rs51 billion ($759 million) at current prices. IFCI on July 4 said it had sold part of its stake in NSE at Rs3,950 per share, valuing the bourse at Rs177.85 billion, according to data compiled by Bloomberg.
The NSE reported net income of Rs4.39 billion for the year ended March 31, compared with Rs7.8 billion for the previous year, according to its website.