BSE share sale sees huge demand; oversubscribed 51 times

Eliciting robust demand, BSE's Rs 1,243 crore initial public offer got oversubscribed 51 times, as the first share sale by a domestic stock exchange saw bids worth over Rs 44,000 crore on the last day today.
The IPO, which is also the first this year, received bids for 55,23,34,986 shares against the total issue size of 1,07,99,039 shares, as per data available with the NSE till 1930 hours.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed nearly 49 times and that of non institutional investors a staggering 159 times. Retail investors category was also oversubscribed 6 times, sources said.

More than 11.31 lakh applications were received for the IPO where the price band is fixed at Rs 805-806 per share. The offer, also the first after demonetisation, has attracted 1 million plus applications as also the first one so far this fiscal where the subscription is more than 50 times.
RBL Bank too had seen over 50 times subscription for its IPO earlier this financial year.
During the initial share sale -- which is also a first by any company this year -- shareholders will sell 15.43 million shares estimated to be worth around Rs 1,243.44 crore at the higher end of the price band.

The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE.

Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter.
Last Friday, BSE had raised Rs 373 crore by allotting shares to anchor investors. BSE shares will be listed on NSE as Sebi rules do not allow self-listing for an exchange.
Rival NSE too filed draft papers with Sebi last month for
an estimated Rs 10,000-crore IPO.
Among the existing BSE shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, Mauritius-based arm of American investor George Soros' Quantum Fund and foreign fund Atticus.

There are estimated 9,000 shareholders of BSE, where mostly brokers held shares earlier. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their investments.
The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.
BSE is the world's largest exchange by number of listed companies. It is India's largest and the world's 10th largest exchange by market capitalisation.
The market capitalisation of BSE-listed companies stands at Rs 1,13,31,922 crore.