Temasek lines up NSE stake sale

Temasek, Life Insurance Corporation and Canada Pension Plan Investment Board are among investors lining up to sell shares when India’s National Stock Exchange goes public this year. (reuters.com) Reuters reported on April 28 that about 20 existing shareholders want to cut stakes in the IPO, including State Bank of India, Morgan Stanley, Citigroup and Stock Holding Corporation of India. (reuters.com) (financialexpress.com) The planned offer-for-sale is pegged at about 5% of the exchange, or roughly $2.75 billion, based on an estimated $55 billion valuation drawn from unlisted-share trading platforms. (reuters.com) (businesstimes.com.sg) That structure matters because the IPO looks set to be driven by secondary sales from long-time shareholders, not just fresh capital raised by the exchange itself. (reuters.com) The timing changed in January, when India’s Securities and Exchange Board gave the National Stock Exchange a no-objection certificate for its long-delayed listing. (livemint.com) (economictimes.indiatimes.com) That clearance came after years of delays tied to governance and co-location issues, which had kept one of India’s biggest market institutions off the public market. (livemint.com) (freepressjournal.in) Temasek is also approaching a separate exit window in India this week through OnEMI Technology Solutions, the fintech company behind Kissht. Its IPO opens on April 30 at a price band of ₹162 to ₹171 a share. (cnbctv18.com) (moneycontrol.com) OnEMI’s issue totals ₹926 crore, including a fresh issue of ₹850 crore and an offer-for-sale of about ₹76 crore, with anchor bids due on April 29 and the issue closing on May 5. (ndtvprofit.com) (businesstoday.in) If the National Stock Exchange files and prices on schedule, the listing would turn years of regulatory cleanup into a liquidity event for some of the exchange’s earliest institutional backers. (reuters.com) (livemint.com)