IFCI surges over 10% as NSE files IPO papers with Sebi

The stock surged nearly 12% to Rs 27.50 on the NSE in early morning trade on back of heavy volumes

Don't want to miss the best from Business Standard?

IFCI surged nearly 12% to Rs 27.50 on the National Stock Exchange (NSE) in early morning trade, after the India’s biggest bourse - the NSE - filed its draft prospectus for a Rs 10,000-crore Initial Public Offer (IPO) of equity with the Securities and Exchange Board of India (Sebi).

The NSE IPO will be an Offer for Sale (OFS), of 111.4 million equity shares, 22.5% of the exchange’s post offer paid-up equity capital.

At an expected valuation of Rs 40,000-45,000 crore, the issue size could be Rs 9,000-10,125 crore, the highest since the Coal India IPO of Rs 15,000 crore in 2010, the Business Standard report suggests.

Most shareholders have opted for a partial exit. The top selling domestic shareholders are State Bank of India (SBI), SBI Capital, IFCI, Bajaj Holdings and Bank of Baroda, added report. CLICK HERE TO READ FULL REPORT.

At 09:18 am; the stock was up 10% at Rs 27.05 as compared to 0.22% rise in the Nifty 50 index. A combined 8.69 million shares have already changed hands on the counter in first few minutes of trade on the NSE and BSE.