NSE appoints 8 law firms & 20 merchant bankers for its IPO
New Delhi: The National Stock Exchange of India (NSE) has appointed 20 merchant bankers, along with several law firms and other intermediaries, to manage its initial public offering (IPO), making a step towards its much-awaited listing.
The exchange’s IPO committee, chaired by Srinivas Injeti, approved the appointments at a meeting held on Thursday.
The development follows the NSE board’s decision in February to proceed with its long-pending public listing. The proposed IPO will consist entirely of an offer-for-sale (OFS) by existing shareholders, with no fresh issue of shares.
In a statement, NSE said the selection of intermediaries was carried out through a “structured, transparent and competitive process” based on an evaluation framework approved by the IPO committee.
The 20 merchant bankers appointed include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.
Eight law firms have also been selected for the issue — 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 appointed include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.
According to the exchange, these intermediaries will assist in regulatory filings, due diligence, documentation, marketing and execution of the proposed public issue, in line with applicable regulations.
With the completion of this process, the mandate of Rothschild & Co India as process advisor for the selection and appointment of NSE’s IPO intermediaries has
concluded.
In January, the Securities and Exchange Board of India (Sebi) granted a no-objection certificate (NOC), allowing the exchange to move ahead with its listing plans after more than a decade of delays.
NSE had first filed draft offer documents in 2016 to raise about Rs 10,000 crore through an offer-for-sale by existing shareholders. However, Sebi had withheld approval following governance concerns and the co-location case. Since then, the exchange approached the regulator multiple times seeking clearance.
