NCDEX files offer document for IPO

National Commodity and Derivatives Exchange Limited (NCDEX) has filed its offer document with markets regulator Sebi for an initial public offering.

The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 equities by shareholders, according to the draft red herring prospectus (DRHP).

The issue is expected to raise Rs 500 crore, including fresh offering, merchant banking sources said.

The selling shareholders include Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative Limited, Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III), Jaypee Capital Services Limited, National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank, it said.

The exchange proposes to utilise the net proceeds towards contribution to the core settlement guarantee fund (Core SGF) and towards net worth requirements of National Commodity Clearing Limited (NCCL) and general corporate purposes, as per the document.

The book running lead managers to the offer are ICICI Securities and SBI Capital Markets.

National Commodity and Derivatives Exchange is a leading agricultural commodity exchange in India.

The exchange offers services across the entire post-harvest agricultural commodities value chain by utilising a varied presence, which has enabled it to create a wide network of stakeholders and market participants.

It also engages in research, training and building awareness in agricultural commodities market through NCDEX Institute of Commodity Markets and Research.

Some of the key investors include National Stock Exchange of India, Life Insurance Corporation of India, National Bank for Agriculture and Rural Development, Indian Farmers Fertiliser Co-operative, Oman India Joint Investment Fund, Punjab National Bank, Canara Bank, Build India Capital Advisors LLP, and Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III).

The shares are proposed to be listed on the BSE and NSE.