IPO Alert: NSE Board Approves IPO Through Offer for Sale Route

As per Cnbctv18 report, The National Stock Exchange of India has taken a key step towards listing after its governing board approved an initial public offering through a pure Offer for Sale by existing shareholders. 

NSE Board Approval and Regulatory Clearance 

On February 6, 2026, the National Stock Exchange of India announced that its board had approved plans for a public listing through a pure OFS structure.  

The exchange has already received a no objection certificate from the Securities and Exchange Board of India, completing an important regulatory requirement. The listing process has been under consideration for nearly 10 years. 

Proposed IPO Structure and Size 

As per available information, around 4.5% of NSE equity is expected to be offered by existing shareholders. Based on an unlisted market price of nearly ₹2,000 per share, the total issue size is estimated at about ₹23,000 crore. The OFS structure means no fresh capital will be raised by the exchange. 

Draft Red Herring Prospectus Timeline 

The exchange is considering filing its draft red herring prospectus by the end of March or early April 2026. If audited financials for the September quarter are used, filing may take place by March 31, 2026.  

Alternatively, December quarter audited numbers may be used if documentation timelines extend. Regulations allow filings with financial statements not older than 6 months. 

Read More: NSE IPO: Boart to Meet on February 6 to Form the IPO Committee! 

Shareholding Structure and Operational Aspects 

NSE shareholder numbers have expanded significantly. The exchange had around 1.91,000 shareholders as of December 2025, compared with about 5,000 in December 2023 and 20,500 in December 2024. The OFS process requires coordination with shareholders to obtain participation consent. 

Background of Earlier Listing Efforts 

An earlier listing attempt in 2016 was halted due to regulatory investigations related to co location and dark fibre matters.  

NSE filed a settlement application on June 20, 2025, and agreed to pay approximately ₹1,400 crore. A provision of ₹1,297 crore was disclosed in November 2025 filings. 

Conclusion 

The board approval for an IPO through OFS marks progress in NSE’s listing process. Regulatory clearance, proposed equity dilution, and settlement of past matters form the current framework guiding this development. 

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. 

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