The initial public offer (IPO) of BSE, which closed for subscription on January 25, has been subscribed 51.15 times with all categories of investors showing strong interest in the first such public issue by a stock exchange in India.
According to data available on National Stock Exchange’s website, bids were received for a total of 55.23 crore shares as against 1.08 crore shares on offer for public in the price band of ₹805 to ₹806.
The offer size is about ₹1,244 crore at the upper end of the price band. Since it is an offer for sale by existing shareholders of the exchange, BSE would not receive any proceeds of the issue.
According to the IPO prospectus filed by BSE, more than 300 entities — individuals, brokerages, institutional investors, exchanges — are selling their shares as part of the BSE IPO.
Top shareholders
Singapore Exchange, along with some of the other top shareholders like Atticus Mauritius, Caldwell India Holdings Inc, Acacia Banyan Partners and GKFF Ventures plan to sell their shares in the forthcoming initial public offer (IPO) of the exchange.
According to the red herring prospectus of the exchange, Singapore Exchange, which currently owns 4.67% stake in BSE, will be completely exiting from the Indian bourse. Quantum (M) and Atticus Mauritius will also sell their entire stake in the bourse, while many other entities would partly dilute their holdings.
Both, Quantum (M) and Atticus Mauritius have 3.7% stake each in BSE, as per the IPO document. Among the top 10 shareholders of BSE, only Deutsche Borse – it has 4.75% stake – has decided against diluting its holding in the exchange.
Domestic investors
Interestingly, domestic institutional investors like State Bank of India and Life Insurance Corporation of India (LIC) have chosen not to sell any shares as part of the public issue. While State Bank of India has a stake of 4.75% stake in BSE, LIC owns 4.68%.
