BSE LIMITED IPO

BSE LIMITED IPO

Name of Issuing Company: BSE LIMITED IPO Lower Price Band (Rs.): 805 Higher Price Band (Rs.): 806 Issue Start Date: 23 Jan 2017 Issue End Date: 25 Jan 2017 Lot Size: 18

ABOUT ISSUE: ISSUE DETAILS ISSUE HIGHLIGHTS OFFER STRUCTURE ISSUE BREAKUP Reservation for % of Issue ` In Crs. Price Band:  ` 805 to ` 806 Issue Size : ` 1,243.43 Cr. Issuance Details QIB 50 621.72 Issue Open on: 23 January, 2017 Issue Closes on: 25 January, 2017  No of Shares: 1,54,27,197 Fresh Issue - Non-Institutional 15 186.51 Offer for Sale 1,54,27,197 Retail 35 435.20 Total 100 1,243.43

ABOUT COMPANY:   COMPANY OVERVIEW Established in 1875, BSE (formerly known as Bombay Stock Exchange Ltd.), is Asia's first stock exchange. At the end of October 2016, BSE is the World's Largest Exchange by number of Listed Companies and India's Largest and the world's 10th Largest Exchange by Market Capitalization, with US$ 1.7 trillion in total Market Capitalization of Listed Companies. As the operator of the BSE, it regulates listed issuers and provides a market for listing and trading in various types of securities as may be allowed by SEBI from time to time. BSE operates in three primary lines of business, viz: 1. The listing business, which consists of the primary market, which relates to the issuance of new securities; 2. the market business, which consists of (i) the secondary market, (ii) BSE StAR MF ("BSE StAR"), our online platform for the placement of orders and redemptions of units in mutual funds, (iii) NDS-RST, our platform for the reporting of over-the-counter corporate bond trading, (iv) membership, which includes membership in the Exchange, membership in our clearing corporation ICCL, and depository participants in our depository CDSL, and (v) post-trade services, namely the clearing corporation and depository; and 3. the data business, which consists of the sale and licensing of information products. HIGHLIGHTS 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 & Technology 4. Financial Strength and Diversified source of Revenue Objects of the issue 1. To achieve the benefits of listing the equity shares on NSE and 2. For the sale of Equity shares by Selling Shareholder.

OUTLOOK: The First Multi-Platform Stock Exchange to get listed is the great opportunity for the investors to invest. BSE derives revenue from different sources which is increasing YOY. On valuation part the company posted Revenue has grown from ` 578 Cr. to ` 658 Cr. in the last 5 years. At the Upper Price band of 806, P/E comes to around 35x and EPS of 22, which when compared to Peer (MCX) seems reasonably priced. The BSE has got license to commence commodity business and plans to set up a Global Exchange at GIFT city in Gandhinagar. Around 300 members have consented to setup their offices at the new venue. BSE is one of the most recognizable brand names in India. This global brand helps in attracting companies to list on the exchange, attracting retail and wholesale participants to various market offerings. BSE is headed by the very able Mr. Ashish Chouhan. He is a complete technocrat and has led the exchange to leadership in various new segments. We recommend investors to invest in this IPO issue with a medium to long term perspective.