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Bombay Stock Exchange aims to list in 2017

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Bombay Stock Exchange aims to list in 2017

The BombayStock Exchange is aiming to conduct an IPO in 2017, Reuters reported April 5,citing CEO Ashishkumar Chauhan.

The bourse expects to file a prospectus for its listing andgarner regulatory approval within six to nine months, Chauhan told the news outlet. While the CEOdeclined to comment on BSE's valuation or the size of the IPO, investmentbankers involved in the process estimate the bourse's value at between US$750million and US$1 billion.

Chauhan'scomments come weeks after the Securities and Exchange Board of India allowedthe exchange to apply to list.

The listingwill not involve an issuance of new shares, but will include the sale of theholdings of the exchange's existing shareholders, Chauhan said. The bourse'sshareholders currently include Deutsche Börse AG and Singapore Exchange Ltd.

While theBSE is not currently in discussions with any existing or potential investor,Deutsche Börse expressed interest in raising its stake of around 5% in the BSEprior to the IPO, Chauhan said. The German exchange could then profit fromselling shares when the Indian bourse lists.

The BSE hadpreviously applied tolist in 2013, butunclear rules delayed the process.