IFCI surge 14% as NSE files draft papers with Sebi for IPO
The shares of IFCI on Thursday surged by nearly 14% as the market exchange National Stock Exchange filed draft papers with Securities and Exchange Board of India (Sebi) for its Initial Public Offering (IPO).
At 1400 hours, the shares of the company were trading at Rs 28.10 per piece, up 13.77%, or Rs 3.40 on BSE.
The government owned development bank, IFCI, holds around 3% of stake in NSE. The estimated size of the exchange IPO is over Rs 10,000 crore, which is expected to be one of the biggest in past six years.
The initial public offer will see existing shareholders offloading 20-25% shares to the public through the OFS route.
NSE had announced its listing plans in June and had said that IPO papers will be filed by January 2017.
However, the exchange recently saw the surprise exit of its Managing Director and CEO Chitra Ramkrishna earlier this month, after her 24 years long association with the exchange.
The exchange has appointed Citigroup, Morgan Stanley, JM Financial Institutional Securities and Kotak Mahindra Capital Company to manage its upcoming IPO.