The National Stock Exchange of India, the country's largest bourse, has selected 20 investment banks and eight law firms to manage its long-awaited initial public offering.
NSE, which received regulatory approval for its IPO in January, said in a statement Thursday the merchant banks mandated for the IPO include Kotak Mahindra Capital, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus, IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi, DAM Capital, Pantomath Capital, and Equirus Capital.
The other bankers in the list are Morgan Stanley, Citigroup Global Markets India, JPMorgan India, and HSBC Securities.
This makes it the largest number of bankers selected to manage any IPO in India thus far, overtaking the 18 bankers ICICI Prudential Asset Management Company hired last year for its IPO.
The law firms that NSE selected are Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore Pte. Ltd, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co, and Trilegal.
Other intermediaries involved in the IPO include MUFG Intime India Pvt Ltd, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication Ltd and Redseer Strategy Consultants Pvt Ltd.
NSE said its selection process followed a transparent and competitive framework and evaluation methodology approved by its IPO committee.
The firm last month had appointed Rothschild & Co India as an independent advisor for the process of selection and appointment of IPO intermediaries and advisors.
The NSE is India's largest unlisted company by number of investors, adding to the complexity of the listing process. Its biggest institutional shareholders include Life Insurance Corporation of India, State Bank of India, Temasek Holdings, Morgan Stanley and Canada Pension Plan Investment Board.
It has not disclosed any details regarding the offer-for-sale listing.
The world's most active derivatives exchange has been embroiled in litigation with the regulator since 2019, when it was fined $120 million for failing to provide equitable access to all its trading members. The Mumbai-based exchange had offered to pay SEBI Rs 1,388 crore crore to settle the dispute so it could proceed with the IPO.
