The largest exchange in India, National Stock Exchange (NSE) has an ambition—to launch its initial public offering (IPO) during this fiscal year. And there are many who are hoping to make money out of it. Old investors such as Norwest Venture Partners—who now own only a 1.58% stake—originally acquired a 2.11% stake in the company at a valuation of Rs 2,650 ($36) per share in 2009. And Johnny-come-latelys like NewQuest Capital Partners who entered the company in 2015 as old investors were losing patience.Among this latter group, one man stands out—Prashasta Seth, CEO at IIFL Asset Management. Seth has raised the largest pre-IPO fund in India.
Like moths to a flame: IPO-less NSE still draws investors
Despite a failed IPO in 2016 and a two-year investigation with no end in sight, India’s largest exchange still remains an attractive prospect for investors
The National Stock Exchange's ambitions of an IPO have repeatedly amounted to nought
An investigation into allegations that its co-location facility was misused has dragged on since 2016
As a result, NSE has been unable to get Sebi approval for its listing
Waiting in hope are investors looking for a huge payday when NSE finally lists. But will this ever happen?