The National Stock Exchange (NSE) IPO enters its final bidding day today, with major shareholders choosing to retain most of their stakes even as the Offer for Sale (OFS) concludes. The Rs 22,569-crore issue closes on September 21, and NSE shares are expected to debut on the stock exchanges on September 24.
Limited Sell-Down by Institutional Investors
Institutional investors collectively held a 36.82% stake in NSE before the IPO but have offered shares equivalent to only 5.11% of the exchange through the OFS. This limited sell-down allows these shareholders to monetize a portion of their investments while keeping significant exposure to the exchange ahead of its public listing.
The selling group comprises 20 institutional investors — nine foreign investors and 11 domestic institutions. Foreign investors collectively held 15.96% of NSE before the IPO, while domestic institutions controlled 20.86%.
Key Shareholders and Their Reductions
Several large institutional investors trimmed their holdings by roughly 7% through the OFS:
- Aranda Investments held 4.54% before the OFS.
- Stock Holding Corporation had a 4.44% stake.
- SBI Capital Markets entered the OFS with a 4.33% stake.
- ChrysCapital held 3.73% before selling shares.
Among foreign investors, Crown Capital sold around 11% of its pre-OFS holding, while TA Asia Pacific reduced its position by approximately 6% during the share sale.
IPO Details and Subscription
The NSE IPO offers up to 12.64 crore shares at a price band of Rs 1,700 to Rs 1,785 per share. At the upper end of the price band, NSE is valued at approximately Rs 4.42 lakh crore.
The issue became fully subscribed on its second day of bidding, making it India’s second-largest public issue. Only Hyundai Motor India’s Rs 27,870-crore IPO in 2024 was larger.
Because the NSE IPO is structured as an OFS, the exchange itself will not receive any proceeds. Instead, the money raised will go directly to the existing shareholders selling their shares.
The OFS initially targeted 14.9 crore shares, but shareholders reduced the offer to 12.64 crore shares. That change lowered the expected issue size from around Rs 30,000 crore to the final Rs 22,569 crore figure.
With the IPO closing today, all eyes now turn to the September 24 listing, where the retained stakes of institutional investors will remain exposed to market performance.
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