NSE's $2.3 billion IPO fully subscribed, spotlight shifts to Sept. 24 debut

Business Recorder reported that India's National Stock Exchange has reached full subscription for its $2.3 billion IPO after two days of bids, turning the focus to a September 24 debut. Bids for roughly 90 million shares had come in against 88.6 million on offer at 3:30 p.m. IST on Friday, according to exchange data. Investors are weighing the chance of quick gains on listing against the limited number of shares available.

The listing marks the end of a ten-year effort by the country's largest stock exchange operator to reach public markets. Regulatory reviews and court disputes had pushed the debut back several times. Jio Platforms, backed by Mukesh Ambani, is also expected to list by the end of the year as more large issuers enter India's primary market.

This week the exchange also handed $703 million of shares to anchor buyers, among them state investment funds from Norway and Abu Dhabi, while LIC emerged as the leading investor. Because the offer consists entirely of existing shareholders selling, the exchange will not receive any proceeds, and only about 5.48% of its pre-offer capital will be freely tradable at listing. Fident Asset Management's Aishvarya Dadheech pointed to a small float and possible FTSE index inclusion as factors that might lend support, while SMC Global's Saurabh Jain flagged the chance of profit-taking on listing day.