IFCI jumped as much as 14% to a fresh 52 week high of Rs 99.49 on Wednesday, driven by growing buzz around the much anticipated NSE IPO.

This is the second-day of gains for the stock in the last five sessions, and its biggest single-day rise since June 12, when it had surged 20%.

Trading volumes were heavy too, with more than 13 crore shares changing hands during the day, well above the stock’s usual 10-day average.

The connection runs through a subsidiary. IFCI owns a 52.66% stake in Stock Holding Corporation of India, or SHCIL, which in turn holds about 4.4% of NSE itself.

If NSE goes public, that indirect exposure could get repriced, which is what has investors interested.

There is some history here too. Earlier this year, it was reported that SHCIL was expected to offload around 0.44% of its NSE stake as part of the IPO.

At an assumed valuation of Rs 5 lakh crore for NSE, that sale alone could fetch SHCIL close to Rs 2,200 crore.

On the regulatory front, SEBI Chairman Tuhin Kanta Pandey said late last month that the regulator was ‘very close’ to approving NSE’s draft red herring prospectus, adding fresh momentum to the listing timeline.

Away from the IPO story, CARE Edge Ratings reaffirmed its ‘CARE BB’ rating on several of IFCI’s debt instruments last month, including infrastructure bonds and non-convertible debentures, though the rating remains on watch with developing implications.

On ownership, the Government of India continues to hold the bulk of IFCI, at 72.57%, with the rest spread across public shareholders.

Institutional names in the mix include LIC with a 1.48% stake and the International Finance Corporation with 6.07%.

IFCI shares closed the day at Rs 98.32, up 12.67% from the previous close. The stock has now gained close to 80% since the start of the year.

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