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BSE Limited IPO (BSE Limited IPO) Detail

Jan 23, 2017 - Jan 25, 2017

BSE Limited is the owner and operator of BSE Exchange (Bombay Stock Exchange), India's largest stock exchange by number of companies listed. The Bombay Stock Exchange was established in year 1875 as the first stock exchange in Asia. Today BSE has over 5000 companies listed on it, the highest in any exchange around the world. Worlds two leading global exchanges, Deutsche Bourse and Singapore Exchange are strategic partners of BSE.

BSE offers trading in Equity, Debt Instruments, Derivatives, Mutual Funds and SME Equity. The S&P BSE SENSEX is India's most widely tracked stock market benchmark index. BSE also offer services including risk management, clearing, settlement, market data services, IT services and solutions, licensing index products such as the S&P BSE SENSEX and financial & capital markets trainings.

BSE Limited Strengths

1. Strong brand recognition with a track record of innovation
2. Diversified and integrated business model and active relationship with market participants
3. State-of-the-art infrastructure and technology

Company Promoters:

The company is professionally managed and does not have an identifiable promoter. There are no shareholders who control individually or as a group, 15% or more of the voting rights of the company.

Company Financials:

Summary of financial Information
Particulars For the year/period ended (in Rs. Million)
30-Jun-16 31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12
Total Assets 30,363.5 29,176.7 28,758.0 25,923.0 27,273.6 27,915.7
Total Revenue 1,424.4 5,158.9 4,391.8 3,328.3 3,389.1 4,028.0
Profit After Tax (PAT) 454.3 1,319.1 756.5 747.7 398.2 1,116.0

Objects of the Issue:

The objects of the offer (OFS) are:
1. To achieve the benefits of listing the equity shares on NSE and
2. For the sale of equity shares by the selling shareholders.

The company will not receive any proceeds of the offer and all the proceeds of the offer will go to the selling shareholders in the proportion of the equity shares offered by them.

Issue Detail:

  »»  Issue Open: Jan 23, 2017 - Jan 25, 2017
  »»  Issue Type: Book Built Issue IPO
  »»  Issue Size: 15,427,197 Equity Shares of Rs 2 aggregating up to Rs 1,243.43 Cr
    ›  Offer for Sale of 15,427,197 Equity Shares of Rs 2 aggregating up to Rs [.] Cr
  »»  Face Value: Rs 2 Per Equity Share
  »»  Issue Price: Rs. 805 - Rs. 806 Per Equity Share
  »»  Market Lot: 18 Shares
  »»  Minimum Order Quantity: 18 Shares
  »»  Listing At: NSE

BSE Limited IPO Reviews:

  1. BSE Limited IPO review by Dilip Davda

Issue Subscription Detail / Current Bidding Status

Number of Times Issue is Subscribed (BSE + NSE)
As on Date & TimeQIBNIIRIITotal
Shares Offered / Reserved3,085,4402,314,0805,399,51910,799,039
Day 1 - Jan 23, 2017 17:00 IST0.16530.12150.85910.5028

BSE Limited IPO Prospectus

BSE Limited IPO Rating

1108
4.3
Rating:Rated 4.3 stars

Vote Here ...

BSE Limited IPO News Alerts

  1. Wednesday, January 25, 2017 12:00:00 AM
    BSE Limited IPO - Close
  2. Monday, January 23, 2017 7:35:56 AM
    Day 1 subscription of BSE Limited IPO
  3. Monday, January 23, 2017 12:00:00 AM
    BSE Limited IPO - Open

Company Contact Information

BSE Limited
25th Floor, P. J. Towers,
Dalal Street, Mumbai 400001
Maharashtra, India
Phone: +91 (22) 2272 1233/ 34
Fax: +91 (22) 2272 1003
Email: bse.ipo@bseindia.com
Website: http://www.bseindia.com

BSE Limited IPO Registrar

Karvy Computershare Private Limited   »  Report
   Karvy House, 46, Avenue 4, Street No. 1,
   Banjara Hills, Hyderabad - 500 034
   Andhra Pradesh, India

Phone: +91-40-23312454
Fax: +91-40-23311968
Email: bse.ofs@karvy.com
Website: http://karisma.karvy.com

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BSE Limited IPO Review / Comments

avatar
411. Kuttu  Jan 24, 2017 12:09:19 AM IST | I Like It. | Report Abuse Reply
My thinking bse ipo will be subscribed 20 times minimum
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410. eagle i  Jan 24, 2017 12:00:13 AM IST | I Like It. | Report Abuse Reply
BSE IPO

True & Fix GMP >115
True & Fix kostak >700

only
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410.1. Shibani ghosh  Jan 24, 2017 12:02:08 AM IST | I Like It. 1 | Report Abuse
Forum modulator kindly ban this Eye
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409. Kuttu  Jan 23, 2017 11:37:44 PM IST | I Like It. | Report Abuse Reply
I give tips of stocks for intaday and short term stocks.....
Those who want to join please watsupp me on 9 8 6 1 2 6 1 5 1 0.
Itz totally free.
avatar
408. a.h.mithvani  Jan 23, 2017 11:21:56 PM IST | I Like It. | Report Abuse Reply

BSE LIMITED
Last updated on
23 Jan 2017 | 05:00:00 PM
Sr.No.      Category      No.of shares offered / reserved      No. of shares bid for      No. of times of total meant for the category
1      Qualified Institutional Buyers (QIBs)      30,85,440      5,10,012      0.1653
1(a)      Foreign Institutional Investors (FIIs)      -      5,10,012      
1(b)      Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)      -      -      
1(c)      Mutual Funds      -      -      
1(D)      Others      -      -      
2      Non Institutional Investors      23,14,080      1,23,462      0.0534
2(a)      Corporates      -      3,852      
2(b)      Individuals (Other than RIIs)      -      1,19,610      
2(c)      Others      -      -      
3      Retail Individual Investors (RIIs)      53,99,519      31,13,928      0.5767
3(a)      Cut Off      -      27,56,412      
3(b)      Price Bids      -      3,57,516      
4      Employee Reserved      -      -      
4(a)      Employee (Cut off)      -      -      
4(b)      Employee (Price)      -      -      
5      Reservation PortionShareholder      -      -      
5(a)      RPS (Cut off)      -      -      
5(b)      RPS (Price)      -      -      
Total      1,07,99,039      37,47,402      0.3470
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407. PPPSSS  Jan 23, 2017 11:12:01 PM IST | I Like It. | Report Abuse Reply
india infoline does not provide online ipo bid facility for this ipo and i have trading as well as demate a/c with them only. and even not have access to phycial form due sitting in remote area.can i apply through some other web site tomorrow.
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406. sunilsharma  Jan 23, 2017 10:17:30 PM IST | I Like It. | Report Abuse Reply
BSE IPO didn`t Got Any Institutional bids and Issue subscribed 0.16% on first day: You must know
More info@ LinkExternal Link
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405. AAnkur  Jan 23, 2017 10:09:13 PM IST | I Like It. | Report Abuse Reply
I apply two applications one in 1lot and 2nd 2 lot .pls tell me what I do my 3 account apply in 1 lot ya bid3-4 lot
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404. Eagleye  Jan 23, 2017 9:42:25 PM IST | I Like It. 8 | Report Abuse Reply
GMP 142 – 144
Kostak 800 – 850

Expected over-subscription: (Revised)

>80X for QIB Category (Net of Anchor)
>185X for NII Category
>3.35X for RII Category (application-wise)
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404.1. MUKESH AGARWAL  Jan 23, 2017 11:20:04 PM IST | I Like It. | Report Abuse
still waiting at our group I have believed u will back and will guide us wd have ur need ...
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403. Eagleye  Jan 23, 2017 9:18:56 PM IST | I Like It. 7 | Report Abuse Reply
BSE IPO

GMP 137 - 140
Kostak 800 - 825
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402. dilip khatri  Jan 23, 2017 9:13:07 PM IST | I Like It. | Report Abuse Reply
No any option to transfer share off market in other person as per sebi guidelines write or wrong ? I think same person may be possible.. !!!!
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401. BestAnalyst  Jan 23, 2017 9:12:24 PM IST | I Like It. | Report Abuse Reply
Retail already subscribed 85% on day 1 itself..... Total retail subscription will cross 3x or 4x.. So its a lottery now..
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400. Jujunwala...  Jan 23, 2017 9:09:12 PM IST | I Like It. | Report Abuse Reply
Eagle ji
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399. Jujunwala...  Jan 23, 2017 9:08:36 PM IST | I Like It. | Report Abuse Reply
Helo what prize costek and primum
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398. VALUE INVESTOR  Jan 23, 2017 8:55:04 PM IST | I Like It. | Report Abuse Reply
small issue, allotment will be difficult.
Apply and try your luck!!!!
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397. Eagleye  Jan 23, 2017 8:47:54 PM IST | I Like It. 2 | Report Abuse Reply
NII subscription is the recent few IPOs

PNB Housing .>>> Rs.35,744Crs.
Endurance Technologies >>> Rs.22,185Crs.
ICICI Prudential Life Insurance Co. >>> Rs.26,023Crs.
RBL >>> Rs.35,610Crs.
Advanced Enzymes >>> Rs.24,068Crs.
Quess Corp >>> Rs.23,619Crs.
Mahanagar Gas >>> Rs.28,720Crs
Ujjivan >>> Rs.17,643Crs.
Thyrocare >>> Rs.16,053Crs.
Equitas >>> Rs.18,207Crs.






QIB subscription is the recent few IPOs

Mahanagar Gas >>> Rs.29,639Crs.
PNB Housing >>> Rs.23,007Crs.
RBL >>> Rs.20,798Crs
ICICI Prudential Life Insurance Co. >>> Rs.12,899Crs
Endurance Technologies >>> Rs.12,414Crs.
Advanced Enzymes >>> Rs.7,742Crs.
Quess Corp >>> Rs.7,303Crs.
Thyrocare >>> Rs.7,013Crs.
Equitas >>> Rs.6,542Crs
Ujjivan >>> Rs.6,060Crs.
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397.1. Jujunwala...  Jan 23, 2017 9:11:43 PM IST | I Like It. | Report Abuse
Eagaleye aapka whatu gruo hai??
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396. Septa  Jan 23, 2017 7:55:21 PM IST | I Like It. 5 | Report Abuse Reply
LinkExternal Link
By Geetanjali Kedia

BSE Limited is entering the primary market on Monday, 23rd January 2017 with an offer for sale (OFS) of upto 1.54 crore equity shares of Rs. 2 each, in the price band of Rs.805 to Rs.806 per share, by 302 selling shareholders, both trading members and financial investors (mainly Singapore Stock Exchange, PE funds Attiucs, GKFF, Acacia and George Soros’ Quantum). Representing 28.26% of the post issue paid-up share capital, the issue will raise Rs. 1,243 crore, at the upper end, and will close on Wednesday, 25th January. Since self-listing is not permitted, shares of BSE Limited will be listed only on NSE.

It will be interesting to watch if the broking entities participating in the OFS can keep aside their conflict of interest while advising clients (subscribe or avoid) on the IPO. Many biggies like Sharekhan, Citigroup, Centrum, JM Financial, Emkay Global, Keynote and Progressive Share Brokers are participating in the OFS and exiting completely. Care to practice what you preach?

BSE Limited, Asia’s oldest stock exchange, has the world’s largest number of listed stocks (5,868, as of Oct 2016), but has failed to leverage its dominant position, as it had CY16 market share of less than 15% in equity cash segment (derivatives share less than 1%), sizeably lagging rival NSE. Despite its 140 year old legacy, strong brand name, and being synonyms to stock markets in India, BSE has failed to become the exchange of choice for all - investors, brokers and issuers.

While the company has made efforts to get its crowning glory back, desired results were not achieved as competition has been tough. Having spent Rs.269 crore over 5 years to enhance volumes in the derivatives segment (through liquidity enhancement incentive programs), lack of fruitful results prompted the company to discontinue the initiative.

Compliance, at times, has been mere namesake, as prompt action does not seem to have been taken against erring companies. Take for instance, BK Birla group company Kesoram Industries, which is yet to submit FY16 annual report, and Mandhana Industries, having not yet considered Q1 and Q2 FY17 numbers, with independent directors having resigned, FY16 declared dividend withdrawn, and continues to be listed in the B category. On the contrary, mid-caps like Pondy Oxide, Quantum Paper, NR Agarwal, Roto Pumps, Haldyn Glass, Samkrg Piston to name a few, which meet listing norms and some even have institutional holding, fall under the XC and XD category, where transaction charges are higher, as also, face weekly/monthly/quarterly/ yearly price caps, which are seen much lower than their worth, causing confusion for adequate and due returns to the investors. In this day and age technology and speed, where even nano seconds make a difference, with its operations being in this very competitive space, importance of timely compliance and quick action thereon cannot be undermined, which needs to be adhered to while uploading quarter numbers, where NSE seems to be having an edge.

Coming onto the financials, although FY16 consolidated total income increased 5% YoY to Rs. 658 crore, PBT before exceptional items contracted marginally by 3% YoY to Rs. 238 crore. Accounting for tax and share of minority and associates, PAT declined 6% YoY to Rs.123 crore, which has been on a downward trajectory – declining from Rs.172 crore in FY12 to Rs.135 crore in FY14 and further down in FY16.

For H1FY17 however, financials fared better, as consolidated total income improved to Rs. 383 crore and PAT (after minority) came in at Rs.105 crore, resulting in an EPS of Rs.19.22. BSE currently owns 50.05% stake in depository CDSL, which will reduce to 24%, in compliance with regulations, by way of IPO of CDSL, expected in FY17. Thus, in FY18, consolidated topline of BSE will reduce by about Rs.120 crore and PAT by about Rs.20 crore. Moreover, two exceptional items – expense on liquidity enhancement scheme and SEBI-directed 25% transfer of profit to settlement guarantee fund – will not recur, which should boost bottomline going forward.

Based on back of the envelope calculations, one can infer that treasury operations and depository (CDSL holding) are the twin bread-earners for the company, while core stock market activity yields meagre profits, as seen from the below table:

Amount in Rs. Crore

H1FY17 revenue

Approx. Contribution to H1FY17 PBT before exceptional items

FY16 revenue

Approx. Contribution to FY16 PBT before exceptional items

Income from Investments & Rental income

116

116

200

200

CDSL (54% share till 30-9-16)

88

24

139

51

BSE pure play

179

28

319

(12)

Total

383

168

658

238

Note: CDSL data is sourced from its DRHP dated 24Dec16.

Thus, pure play core activity of running a stock exchange is not materially earnings accretive for BSE. Also, hefty dividend pay outs each year indicate lack of growth avenues for the company.

As of 30-9-16, BSE’s consolidated net worth stood at Rs. 2,553 crore, translating into BVPS of Rs. 468. Being debt free, company, like other stock exchanges, is cash rich with cash and equivalents of Rs. 2,492 crore (cash per share of Rs. 464). Since its demutualization and corporatisation, it does not have any identifiable promoter. Currently, 43.56% stake is held by trading members, 20.72% under FDI, 9.05% by FIIs, 4.68% by LIC and balance 21.99% by public (mainly financial investors).

Financial investors participating in the ensuing OFS such as Quantum and Bajaj Holdings have cost of acquisition in the range of Rs. 800 and Rs. 809 per share. While Quantum is exiting completely, Bajaj Holding is selling half its holding, at cost price, after holding the same for over 7 years now. Exiting a 7-9 year old investment at cost price fares worst that India’s quasi risk-free savings bank interest rate too!

At Rs, 806, company will have market cap of Rs. 4,328 crore, which translates into PE multiple of 36x and 21x, based on FY16 and FY17E earnings respectively. Closest Indian peer in the listed space is MCX, which not only has double digit growth rates and a near-monopoly position but also a lion’s market share of 90% in its segment of commodities, although its market cap of Rs. 6,175 crore and PE multiple of 40x (FY17E) are both higher. In a nutshell, while BSE has been a wealth creator for the Indian and global investor community, sadly, it cannot boast of the same feat as a company, for its own shareholders. This IPO looks structured as a ‘long overdue’ exit route for BSE’s shareholders.

However, if one can take a call purely on valuations, excluding cash on hand and value of CDSL holding, just the stock exchange business is available at a valuation of approximately Rs. 1,100 crore, which is probably the rock-bottom. Hence, if one can take a bet, considering upcoming international exchange at GIFT city, it may not be a bad choice in the long term, purely from a valuation point of view, due to no pure stock exchange listed now in the market.

Thus, despite facing a competitive scenario, one may consider the issue for the long term, thanks to its inexpensive valuations!
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395. Nishiket  Jan 23, 2017 7:37:25 PM IST | I Like It. | Report Abuse Reply
Hi All,

I applied to the BSE IPO from ICICI ASBA and have received a message stating that the order has been submitted on iBBS (internet based book building platform of BSE)

Is this fine, as this is going to be listed only on NSE?

Regards
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395.1. DarkHorse  Jan 23, 2017 8:06:41 PM IST | I Like It. | Report Abuse
Septa sir,
Please comment..!!
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395.2. Septa  Jan 23, 2017 8:31:33 PM IST | I Like It. | Report Abuse
does not make any difference
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394. Nisk  Jan 23, 2017 7:10:36 PM IST | I Like It. | Report Abuse Reply
Hello all ,

I have got the following msg .

DEAR INVESTOR,APPLICATION NO.002E18354000XXXX OF BSE. HAS BEEN SUBMITTED ON BSE.

this shows the application has been submitted on BSE . Is it affecting ..? while you all talking about it must be submitted on NSE.?

Pls flash some light whoever concern.!
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393. Eagleye  Jan 23, 2017 6:53:36 PM IST | I Like It. 4 | Report Abuse Reply
IPOs IN THE PIPELINE (Status as of 20th January 2017)

SEBI approval has been received (IPO likely to open within the next 2-3 months)

1) Seaways Shipping and Logistics >>> DRHP dated 28-Mar-16
2) Hinduja Leyland Finance >>> DRHP dated 29-Mar-16
3) CL Educate >>> DRHP dated 30-Mar-16
4) Aster DM Healthcare >>> DRHP dated 24-Jun-16
5) Security & Intelligence Services >>> DRHP dated 26-Sep-16
6) Shankara Building Products >>> DRHP dated 28-Sep-16
7) G R Infraprojects >>> DRHP dated 29-Sep-16
8) Avenue Supermarts >>> DRHP dated 29-Sep-16
9) Continental Warehousing Corp >>> DRHP dated 30-Sep-16


DRHP Filed – SEBI approval is awaited

1) Genesis Colors >>> DRHP dated 28-Sep-16
2) Prataap Snacks >>> DRHP dated 30-Sep-16
3) Music Broadcast >>> DRHP dated 28-Nov-16
4) S Chand & Company >>> DRHP dated 16-Dec-16
5) Central Depository Services >>> DRHP dated 24-Dec-16
6) PSP Projects >>> DRHP dated 27-Dec-16
7) National Stock Exchange of India >>> DRHP dated 28-Dec-16
8) GTPL Hathway >>> DRHP dated 30-Dec-16
9) Housing & Urban Development Corp >>> DRHP dated 30-Dec-16
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392. saleem syed  Jan 23, 2017 6:32:02 PM IST | I Like It. | Report Abuse Reply
how to apply online
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