Inside NSE’s DRHP: Pure 100% OFS Set for BSE Listing

The National Stock Exchange of India (NSE) is preparing for an IPO with a 100% Offer for Sale (OFS) with plans to list on BSE Limited.  

This offering involves the sale of up to 12,64,36,650 shares by existing institutional shareholders, aiming to raise approximately ₹22,568.94 crore.  

The price band is set between ₹1,700 and ₹1,785 per equity share, with the subscription period scheduled from September 17 to September 21, 2026. 

Offering Framework of NSE IPO 

The National Stock Exchange of India Limited was incorporated as a public limited company on November 27, 1992, and commenced operations on March 2, 1993, in Maharashtra.  

The company operates under Corporate Identity Number U67120MH1992PLC069769 and explicitly states that it has no identifiable promoter. 

The capital launch is a 100% Book Built Offer conducted via an Offer for Sale of up to 12,64,36,650 Equity Shares.  

The shares carry a face value of ₹1 each, with the absolute aggregate value registered as ₹22,568.94 crore. 

Structural Reservations of IPO 

The equity distribution plan incorporates an exclusive Employee Reservation Portion structured to aggregate up to ₹70.00 crore. The remaining balance, termed the Net Offer, will dictate the ultimate post-offer paid-up equity share capital percentages. 

Allocation distribution mandates that not more than 50% of the Net Offer goes to Qualified Institutional Buyers. Furthermore, Non-Institutional Bidders receive not less than 15%, while Retail Individual Bidders receive not less than 35%. 

Shareholder Divestment Profiles 

State Bank of India leads the divestment by offering up to 15,969,410 equity shares with a weighted average cost of acquisition of ₹0.80 per share.  

Canada Pension Plan Investment Board follows with up to 11,874,060 equity shares at ₹324.13 per share. 

Aranda Investments offers up to 11,246,336 shares at ₹62.38, while MS Strategic divests up to 11,000,000 shares at ₹66.54.  

The New India Assurance Company offers up to 10,500,000 shares at a cost baseline of ₹0.32. 

Secondary Selling Disclosures 

SBI Capital Markets Limited is divesting up to 8,780,590 equity shares with a weighted average acquisition cost of ₹0.38 per share.  

Bank of Baroda plans to sell up to 7,690,375 equity shares at a cost of ₹0.54 per share. 

Stock Holding Corporation of India and General Insurance Corporation are each selling up to 6,187,500 equity shares. Their respective acquisition costs are certified at ₹0.46 and ₹5.26 per share.  

United India Insurance offers up to 6,000,000 shares at ₹0.50. 

Management and Administration 

The regulatory compliance oversight is managed directly by Smt. Prajakta Powle, the designated Company Secretary and Compliance Officer. General investor communication lines are routed through telephone +91 22 2659 8100 and email nse_ipo@nse.co.in. 

MUFG Intime India Private Limited serves as the Registrar to the Offer. The absolute financial audits confirming acquisition costs were certified by Manian & Rao, Chartered Accountants, on September 10, 2026. 

Lead Manager Network 

The issue is managed by top institutions including Kotak Mahindra Capital Company Limited and JM Financial Limited. Additional institutional oversight is provided by Morgan Stanley India Company Private Limited and Citigroup Global Markets India Private Limited. 

The global syndicate includes HSBC Securities and Capital Markets (India) Private Limited and J.P. Morgan India Private Limited. Due to conflict regulations, certain associated managers are strictly restricted to marketing operations. 

Transaction Timeline 

The transaction sequence initiates with the Anchor Investor Bid/Offer Period opening and closing on Wednesday, September 16, 2026. This occurs exactly one working day prior to the open bidding launch. 

The primary Bid/Offer Period opens on Thursday, September 17, 2026, and closes on Monday, September 21, 2026. The mandatory UPI mandate electronic blocks expire at 5:00 p.m. on the final closing date. 

Regulatory and Market Risks 

The shares will list exclusively on BSE Limited, which received in-principle listing approval on July 20, 2026. Because this represents the first public offering, no formal market history exists for valuation. 

The Securities and Exchange Board of India does not approve or guarantee the accuracy of this prospectus. Investors must acknowledge the inherent risk of losing their entire capital investment. 

Read More: NSE Plans to Lower IPO Price Range; Drops Mega-Listing Bid for Upcoming OFS! 

Conclusion 

NSE's 100% Offer for Sale involves the sale of up to 12.64 crore shares, targeting ₹22,568.94 crore. The price band is set at ₹1,700-₹1,785, with the listing scheduled on BSE Limited.  

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.