NSE IPO, March 13 -- Shares of IFCI Ltd surged on Friday, March 13 after the National Stock Exchange (NSE) moved a step closer to its much-anticipated initial public offering (IPO) by appointing merchant bankers and legal advisors for the issue.

The stock climbed as much as 10.75% to Rs.59.84 on the BSE, gaining investor attention after the exchange announced the appointment of 20 merchant bankers and eight law firms to manage its public offering.

The development has sparked optimism among investors as IFCI has an indirect exposure to the NSE through its shareholding structure. Market participants believe that the eventual listing of the exchange could potentially unlock value for stakeholders connected to NSE.

IFCI is a government-own...