Punjab, Sept. 11 -- The National Stock Exchange has set a price band of Rs 1,700 to Rs 1,785 a share for its initial public offering. The issue opens on September 17 and closes on September 21.
The terms
Why this listing is unusual
Most IPOs are a company coming to the market. This is the market coming to the market.
The NSE runs the venue on which almost all Indian equity trading happens. Its revenue is a toll on activity: transaction charges, listing fees, data, clearing. That gives it an economic profile very unlike the companies that trade on it - it does not need a product cycle to work, it needs volume.
The flip side is that an exchange is unusually exposed to regulation. What it may charge, what it must disclose and how it must ...