The Bombay Stock Exchange (BSE) has fixed its price band for its market launch between Rs 805 and Rs 806 apiece, according to the company's term sheet for the Initial Public Offering (IPO).
Singapore Exchange Limited, Acacia Banyan Partners (BSE shareholders) will sell their holdings in the offering and proceeds from the sale will go to the investors. During the IPO, which will open on January 23 and close on January 25, shareholders will sell about 15.4 million shares, valued at $645.02 million at the top end of the price, Reuters reported.
Also read: Bombay Stock Exchange may sell about 30% stake by March 2017
Earlier it was estimated that the shares would be issued between Rs 800-Rs 850.
About two weeks ago, the BSE — Asia's oldest stock exchange — got the approval of capital markets regulator Sebi for its public issue that comprises partial offloading of stake by the 142-year-old exchange's existing shareholders.
Existing shareholders of the exchange including Singapore Exchange, Bajaj Holdings and Investment and others will be selling 15,427,197 equity shares to the public, constituting up to 28.26 percent of the post-offer issue share capital of the BSE.
Edelweiss Financial Services Limited, Axis Capital Limited, Jefferies India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are global coordinators and book running lead managers of the public issue.
