Mumbai (Maharashtra) [India], September 11 (ANI): Ahead of the opening of the National Stock Exchange of India's initial public offering (IPO), its Managing Director and CEO Ashishkumar Chauhan on Friday highlighted the exchange's scale and growth, saying NSE now handles around 30 crore trades on a good day, compared with about 700 trades on its first day of operations in 1994.

Speaking at NSE's IPO press conference in Mumbai, Chauhan said the exchange has grown significantly since it began equity market operations on November 3, 1994.

"The first day I recall we had around 700 trades at NSE on November 3, 1994... And today on a good day, we do around, give and take few, around 30 crore trades, 300 million trades on a good day," Chauhan said.

"So the journey which started with 700 trades is still getting strong on 300 million or 30 crore trades a day. And so we give you scale, which is unparalleled," he added.

Chauhan said NSE owns the technology used across its operations, allowing it to add capacity and introduce new instruments and settlement mechanisms without having to depend on outside technology providers.

"We own the entire set of technologies. And that allows us to provide any type of new instruments, new ways of clearing settlement in a very easy way without spending extra money," he said.

He said NSE operates across multiple asset classes, including equities, currencies, commodities, interest rates and electricity, and also runs a social stock exchange.

Chauhan said NSE has more than 13 crore unique investors and around 27 crore investor accounts. He added that investors are present across almost all pin codes in the country, with participation rising sharply over the past eight to 10 years, particularly after the Covid period.

He also highlighted the exchange's profitability and dividend distribution.

"The growth we have seen all from the 700 trades a day to now 30 crore trades a day, and it is reasonably profitable. Most of our profits we distribute as dividends, especially the free cash flows. We distribute as dividend over the last several years," Chauhan said.

Referring briefly to the IPO, Chauhan said, "The price band is 1,700 to 1,785."

NSE's IPO will open for subscription on September 17 and close on September 21, while bidding for anchor investors will take place on September 16.

The IPO is entirely an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders, with no fresh issue of shares by NSE.

At the upper end of the price band of Rs 1,785 per share, the offer size works out to around Rs 22,569 crore.

The bid lot has been fixed at eight shares and multiples of eight thereafter. Eligible employees will receive a discount of Rs 170 per share. The shares are proposed to be listed on the BSE. (ANI)