BSE in the process of completing IPO formalities

Leading stock exchange BSE on Friday said it is in the process of completing formalities for its initial public offering.

"BSE is specifically in the process of completing all the formalities. As and when the approval will be obtained, the IPO will come," BSE managing director and chief executive officer Ashishkumar Chauhan said at an Assocham event in New Delhi.

He attributed the delay in going public to the time taken in completing the formalities and denied that the market being not conducive for the public issue has anything to do with the delay.

However, he declined to give any timeline for the exchange's IPO hitting the market.

Chauhan, however, did not divulge the details of the issue, saying the investment bankers will decide on the pricing and issue size.

According to sources, BSE is seeking an offering that would value it at about Rs 4,000-5,000 crore (Rs 40-50 billion).

The IPO could fetch Rs 800-1,000 crore (Rs 8-10 billion), they added. Last December, BSE appointed 14 merchant bankers for the IPO and had said it was planning to hit the markets by the end of the year.

The BSE will be second bourse to get listed after Multi Commodity Exchange of India made its debut in March 2012.