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Asia's Oldest Stock Exchange BSE May Raise Rs 1,243 Crore In IPO

Indian stock exchange BSE Ltd's initial public offering of shares next week may raise as much as Rs 1,243 crore for its investors, based on the indicative price range for the sale announced on Monday

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Indian stock exchange BSE Ltd's initial public offering (IPO) of shares next week may raise as much as Rs 1,243 crore ($182 million) for its investors, based on the indicative price range for the sale announced on Monday (January 16).

Investors, led by Singapore Exchange Ltd, Atticus Mauritius and billionaire George Soros' Quantum, will be selling up to 15.4 million shares in Asia's oldest stock exchange in a price range of Rs 805 to Rs 806 per share, according to a public announcement.

The IPO, which will be open for sale from January 23 to January 25, will value the stock exchange at about Rs 4,400 crore ($645 million) at the top end of the price range. By comparison, Hong Kong Exchanges and Clearing Ltd has a market capitalisation of nearly $30 billion, while the Singapore Exchange is valued at more than $5.5 billion.

BSE's offering will be the first in Indian markets in 2017, after companies raised about $4 billion in 2016 from initial share sales making it the best year in six.

Founded in 1875, BSE, whose first venue for broker meetings was under a banyan tree in India's financial capital Mumbai, has long been considering an IPO. However, a lack of clarity on the rules for listing stock exchanges had delayed the process.

Indian investment banks Edelweiss and Axis Capital along with Jefferies and Nomura are the global coordinators for the BSE offering. Motilal Oswal, SBI Capital Markets, SMC Capitals and Spark Capital are the other bookrunners.

(Reuters)


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