Shareholders Retain Most Holdings in NSE IPO, Offer Only 5.11% of Total Equity in OFS

Shareholders of the National Stock Exchange (NSE) have retained a major portion of their holdings, offering only a small part of their shares in the ₹22,561.57 crore offer-for-sale (OFS) linked to the exchange's IPO. 

Institutional Investors' Participation in NSE IPOs OFS 

As per news reports, before the IPO, institutional investors held a 36.82% stake in NSE. However, they are offering shares equivalent to only 5.11% of the exchange's total equity.  

Among the 20 institutional shareholders participating in the OFS, 9 are foreign institutional investors who collectively held a 15.96% stake in NSE prior to the share sale.  

The remaining 11 shareholders include 10 public sector entities and ICICI Lombard General Insurance, which together held a 20.86% stake before the OFS. 

Major Shareholders' Decisions in NSE IPO 

Several large shareholders have opted to sell only a small portion of their holdings. Aranda Investments, with a 4.54% stake before the OFS, is selling a part of its holding.  

Similarly, Stock Holding Corporation of India, SBI Capital Markets, and ChrysCapital have each reduced their holdings by an average of around 7%.  

Crown Capital is offering around 11% of its pre-OFS holding, while TA Asia Pacific is reducing its stake by about 6%. 

NSE IPO Details 

The IPO, fully subscribed by the second day of bidding, is India's second-largest public issue, with an issue size of ₹22,561.57 crore.  

The IPO is entirely an OFS, with existing shareholders offering up to 12.64 crore equity shares for sale.  

NSE has set the price band at ₹1,700-1,785 per share, valuing the exchange at up to ₹4.42 lakh crore at the upper end of the band. The IPO will close on September 21, 2026, with NSE shares likely to list on September 24, 2026. 

Read More: IPO Bidding Alert: NSE IPO Gets 115% Subscription as NIIs Category Demand Leads on Day 2, September 18, 2026! 

Reduction in OFS Size in NSE IPO 

The OFS was initially planned at 14.9 crore shares but was later reduced to 12.64 crore shares, bringing the issue size down from an earlier estimate of around ₹30,000 crore.  

Since there is no fresh issue, NSE will not receive any money raised through the IPO. The proceeds will go to the existing shareholders selling their shares. 

Conclusion 

Institutional investors retained a 36.82% stake in NSE, offering only 5.11% of total equity in the ₹22,561.57 crore OFS. The IPO, entirely an OFS, valued NSE at up to ₹4.42 lakh crore, with shares expected to list on September 24. 

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