Bombay stock exchange plans IPO next year

The operator of India's Bombay Stock Exchange, said on Wednesday it is likely to sell shares in an initial public offering (IPO) in the next financial year, according to Dow Jones Newswires.

The IPO would take place in the middle of the fiscal year starting April 1, the BSE's chief executive said.

The exchange, Asia's oldest, has hired 14 banks to manage the planned IPO, the report said.

The Bombay Stock Exchange is India's second-largest stock exchange by market share and its stakeholders include Deutsche Boerse and the Singapore Exchange as well as local brokerages.

The Bombay Stock Exchange would join the list of exchanges such as Deutsche Boerse, London Stock Exchange, NYSE Euronext and Singapore Exchange whose shares are traded on the stock exchanges.

The exchange, whose Sensex index is India's benchmark stock index alongside competitor NSE's Nifty index, is aiming to raise around $1 billion in the IPO, the Indian Express said on its website.

The BSE says it is the world's biggest exchange in terms of listed members, with some 5,000 corporate listings. But the National Stock Exchange, established in 1993, has surpassed the BSE in trading volumes.

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