BSE Ltd, India’s second-biggest stock exchange, got clearance for its long-awaited initial public offering (IPO) from the Securities and Exchange Board of India (SEBI), according to the regulator’s website.
Asia’s oldest exchange had filed a draft prospectus for the IPO with SEBI in September, seeking to list its shares on larger rival National Stock Exchange (NSE).
The IPO is expected to raise about $200 million, and could be launched as early as this month, banking sources have said.
A listing would come ahead of the NSE, which filed its IPO prospectus last month. Bankers had said the NSE could raise as much as $1 billion, making it potentially India’s biggest IPO since Coal India (COAL.NS) raised $3.5 billion in 2010.