BSE Ltd has slightly increased the size of its initial public offering and will launch the issue on 23 January, the operator of Asiaâs oldest stock exchange said in a regulatory filing.
The issue, which closes on 25 January, comprises an offer for sale of 15.43 million shares of Rs 2 face value each, according to the BSEâs red herring prospectus filed to the Securities and Exchange Board of India. This constitutes 28.26% of its post-issue capital base.
The number of shares on offer is a tad higher than previously planned after the exchange operator did a reverse stock split. BSE had earlier planned to sell 29.95 million shares of Re 1 face value each, according to its draft prospectus with the capital markets regulator on 9 September.
About 300 shareholders will sell shares of BSE in the offering. The draft prospectus had listed 262 selling shareholders.
The selling shareholders include Singapore Exchange Ltd, US billionaire George Sorosâs hedge fund Quantum and a unit of Citigroup Inc. Singapore Exchange will sell its entire 4.67% stake while Quantum will offload its 3.68% holding, according to information made available in the prospectus.
The notable names missing from the list of selling shareholders include Deutsche Boerse AG as well as state-run Life Insurance Corporation and State Bank of India.
BSE said it will list its shares on the rival National Stock Exchange around 3 February.
It didnât disclose the price at which it would sell the shares or the total IPO value but bankers familiar with the matter had previously said the offering is estimated to be around Rs 1,500 crore ($220 million). This would value BSE around Rs 5,500 crore.
Earlier this week, BSE dismissed complaints by a couple of individuals regarding illegalities of its main office building as well as certain procedures related to the IPO.
BSE will be Indiaâs second bourse to go public, after Multi Commodity Exchange of India Ltd listed its shares five years ago. Larger rival National Stock Exchange is also working to go public and will list its shares on the BSE.
BSE has appointed Edelweiss Financial Services Ltd, Axis Capital Ltd, Jefferies India Pvt Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd as lead bankers. Motilal Oswal Investment Advisors Pvt Ltd, SBI Capital Markets Ltd, SMC Capitals Ltd and Spark Capital Advisory (India) Pvt Ltd are the other bankers.
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