Asia’s oldest stock exchange BSE Ltd’s initial public offering (IPO) opened for trading in the secondary market with a gap-up on its listing day at Rs. 1,085 per share on its rival, the NSE, and went up further in opening trade.
The issue price of the IPO was Rs. 806.
The listing price was at a premium of 34.6 per cent against its offer price of Rs. 806.
At about 10.20 am, the stock was quoting at Rs.1,122 after hitting a high of Rs. 1,200.
The IPO saw a whopping response from all categories of investors. It was subscribed over 51 times the issue size – with institutions subscribing to over 48 times their portion, HNIs, over 159 times and retail investors over six times their allotted portion.
The IPO was an offer-for-sale of up to 1.54 crore equity shares of face value Rs. 2 each in a price band of Rs. 805-806 an equity share, constituting up to 28.26 per cent of the fully diluted post-offer issued share capital of BSE. Bids can be made for a minimum of 18 equity shares and in multiples of 18 thereafter.
The global coordinators and book running lead managers were Edelweiss, Axis Capital, Jefferies India, and Nomura. The book running lead managers are Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals, while the co-book runner was Spark Capital Advisors (India).
BSE’s initial share sale is also the first this year after 26 companies together garnered Rs. 26,000 crore through IPOs in 2016, making it the best year for public offers since 2010.
The bourse is the world’s largest exchange by number of listed companies. Shares of nearly 3,000 companies trade on BSE, which was earlier known as the Bombay Stock Exchange.
It is the world’s 10th largest exchange by market capitalisation.
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