Market regulator Securities and Exchange Board of India on Tuesday approved BSE Ltd.’s proposal for an initial public offering, estimated at Rs 1,500 crore. The IPO of Asia’s oldest stock exchange is likely to generate a sale of 29,955,434 shares via the offer-for-sale option, an approximate price of Rs 500 a share, PTI reported.

BSE’s shares will be listed on the wider National Stock Exchange as the market regulator does not permit self-listing. The bourse’s rival NSE had filed its papers with Sebi last week.

An estimated 9,000 shareholders own a stake in the BSE, including several foreign and domestic financial institutions. Shareholders include Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, the Mauritius-based arms of American investor George Soros’ Quantum Fund and foreign fund Atticus.

The IPO procedure is being coordinated by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India), Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.

During the first quarter that ended in June 2016, BSE reported a 40% rise in its consolidated net profit at Rs 52.72 crore.

In September, the BSE had filed its draft proposal to float an initial public offering. Formerly known as Bombay Stock Exchange Limited, the bourse delayed this decision as the rules on the procedure were not too clear, officials had said.