Initial Public Offering of NCDEX Limited

  • Deal
  • February 12, 2020

J. Sagar Associates (JSA) advised ICICI Securities Limited and SBI Capital Markets Limited (together the “BRLMs”) in relation to the proposed initial public offering of National Commodity & Derivatives Exchange Limited (“NCDEX”). NCDEX has filed a draft red herring prospectus with the Securities and Exchange Board of India for an offer of equity shares comprising a fresh issue of up to ₹ 1,000 million and an offer for sale of up to 14,453,774 equity shares by Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative Limited, Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III), Jaypee Capital Services Limited, National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank.
The Exchange is a leading agricultural commodity exchange in India, with a market share of 78.0%, 81.5%, 79.9% and 78.1% in the agricultural commodity segments, based on ADTV, for the six month period ended September 30, 2019, Fiscal 2019, Fiscal 2018 and Fiscal 2017, respectively (Source: CARE Report). The Exchange has maintained its leadership position since 2005, in the agricultural commodity derivatives market, in terms of ADTV (Source: CARE Report). Further, the Exchange is a professionally managed company, which is driven by technology.

JSA Team comprised Partners – Vikram Raghani and Arka Mookerjee; Principal Associate – Pracheta Bhattacharya; Associates – Krupa Brahmbhatt, Ananth Balaji, Kairav Parikh, Kinjal Shah and Sourav Modi.

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