BSE lists 35% premium to IPO price

BSE, the oldest stock exchange in Asia, was listed on the National Stock Exchange on Friday at Rs.1,085, a 35% premium to its offer price of Rs.806. After reaching a high at Rs.1,200, the stock closed at Rs.1,078.

At Friday's close, the market capitalisation of the first listed stock exchange in India was nearly Rs.5,800 crore.

Nearly 1.58 crore shares of the exchange changed hands on its maiden trading session on NSE. BSE's shares are not listed on its own trading platform since current rules do not allow self-listing for an exchange.

In March 2012, Multi Commodities Exchange was listed on the bourses. BSE's biggest rival NSE, which is the largest bourse in India in terms of turnover and volume of shares traded, has also filed with markets regulator Sebi to go public. CDSL, the second largest depository in India, which is a subsidiary of BSE, has also filed for an IPO. During the bidding for the BSE IPO, which closed on January 25, the offer was oversubscribed more than 51 times. In the IPO, existing shareholders of BSE had offered about 1.54 crore shares of the exchange valued at Rs.1,243 crore. The strength of the bourse's management, expected gains from its foray into the international finance space through the Gujarat-based GIFT City , competitive pricing and a widely known brand name had helped the offer get strong retail investor support.

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