The National Stock Exchange (NSE), one of the leading stock exchanges in the country, has filed draft documents with the market regulator, SEBI, for approval of its much-awaited initial public offering (IPO). The IPO will be entirely an offer for sale by existing shareholders and is estimated to be worth around Rs 30,000 crore, making it India’s largest-ever public issue. This much-anticipated IPO could even surpass the record set by Hyundai Motor India’s Rs 27,870 crore IPO in October 2024. The development holds significance as the NSE’s listing plans had been stalled for nearly a decade due to regulatory hurdles.
NSE shareholders to sell 14.89 crore shares
According to the draft document, NSE’s proposed IPO will be an entirely offer-for-sale (OFS), in which existing shareholders will sell a total of 14.89 crore shares. Through this IPO, shareholders will collectively divest about 6 per cent of their stake in the exchange.
Who are the major promoters
Major promoters selling stake in NSE through the IPO include State Bank of India (SBI), which will sell 2.48 crore shares. MS Strategic (Mauritius) Limited will sell 1.60 crore shares.
SBI holds a 3.23 per cent stake in NSE, while its subsidiary SBI Capital Markets holds a 4.33 per cent stake.
Stock Holding Corporation of India holds a 4.44 per cent stake in NSE. Other major promoters selling stake include Canada Pension Plan Investment Board (1.19 crore shares), Aranda Investments (Mauritius) Private Limited (1.12 crore shares), Bank of Baroda (1.10 crore shares) and Stock Holding Corporation of India Limited (1.09 crore shares). However, the state-owned insurance company, Life Insurance Corporation of India (LIC), which holds the largest stake of 10.72 per cent in the NSE, will not sell any shares in this IPO. NSE has around 1.8 lakh shareholders.
NSE first filed IPO documents in 2016
NSE’s valuation in the unlisted market is estimated to exceed Rs 5 lakh crore. The exchange first filed IPO documents in 2016 to raise approximately Rs 10,000 crore, but SEBI withheld approval due to concerns about operational and co-location matters. Since then, it has made multiple attempts to seek clearance.
On the financial front, the exchange reported a 15 per cent decline in profit after tax to Rs 10,302 crore in FY26, down from Rs 12,188 crore in FY25.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
