The long-awaited initial public offering (IPO) of the National Stock Exchange (NSE) is poised to unlock substantial value for its diverse base of shareholders, including institutional investors, financial institutions and prominent market veterans, with potential gains running into thousands of crores.
India’s largest stock exchange filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on 17 June for a mega public issue estimated at around ₹30,000 crore. Structured entirely as an Offer for Sale (OFS), the proposed listing is expected to be the largest IPO in the history of the Indian stock market, surpassing all previous public offerings in issue size.
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The largest shareholder was the Life Insurance Corporation of India (LIC), which held 26.53 crore shares, representing 10.72% of the pre-offer equity capital. It was followed by Aranda Investments (Mauritius) Pte Ltd with 11.25 crore shares (4.54%), Stock Holding Corporation of India with 11 crore shares (4.44%), and SBI Capital Markets with 10.73 crore shares (4.33%).
Other notable shareholders included Mahagony Ltd (9.23 crore shares, 3.73%), State Bank of India (7.98 crore shares, 3.23%), PI Opportunities Fund I (5.98 crore shares, 2.42%), and Crown Capital Ltd (5.44 crore shares, 2.20%). Institutional investors such as the Canada Pension Plan Investment Board (3.96 crore shares, 1.60%), General Insurance Corporation of India (4.07 crore shares, 1.64%), and veteran investor Radhakishan Damani (3.91 crore shares, 1.58%) also feature among NSE’s largest shareholders.
NSE IPO details
The proposed IPO from the National Stock Exchange comprises only an offer-for-sale (OFS) of up to 14.89 crore equity shares, accounting for nearly 6% of the exchange’s paid-up equity capital. Since no new shares will be created, the exchange will not benefit from any funds raised through the public offering. All proceeds from the offering will go to the selling shareholders. The price range for the IPO has yet to be disclosed.
A group of 20 book-running lead managers, which includes Kotak Mahindra Capital, Morgan Stanley, HSBC, SBI Capital Markets, JPMorgan, Citi, ICICI Securities, Axis Capital, JM Financial, and HDFC Bank, is overseeing the IPO. MUFG Intime India has been designated as the registrar for the issue.
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