IFCI Shares Surge 16% in Two Days as NSE IPO Nears
· Business · Economic Times, Business Standard
IFCI shares rose over 16% in two trading sessions amid expectations that the National Stock Exchange's IPO is nearing launch. IFCI indirectly owns more than 4% of NSE through its stake in Stock Holding Corporation of India. The Securities and Exchange Board of India (SEBI) is close to approving NSE's draft red herring prospectus. NSE seeks a valuation of up to Rs 5.26 lakh crore. Existing shareholders plan to sell as many as 148.9 million shares, representing about 6% of the company.
Why it matters
Investors in IFCI and NSE stand to gain from the IPO. The valuation and share sales will impact the broader market and investor sentiment.
Read the original report — Economic Times
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