Sources added that the offer-for-sale (OFS) size may be trimmed to 5.25 per cent from 6 per cent, reducing the issue size from the previously estimated Rs 30,000 crore.
The pricing for the exchange’s IPO, which will comprise only an OFS, is expected to be announced next week, with the issue also likely to open later in the week.
“The issue size is being reduced on the count that some of the shareholders do not want to sell now in the offer for sale.
The trimming of the OFS may lead to the NSE competing for the touted “largest IPO” title, as Hyundai India had raised nearly Rs 28,000 crore via IPO in 2024.
Shareholders selling their stakes include State Bank of India, SBI Capital, MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, National Insurance Company and United India Insurance Company.
Sources added that the offer-for-sale (OFS) size may be trimmed to 5.25 per cent from 6 per cent, reducing the issue size from the previously estimated Rs 30,000 crore.
The pricing for the exchange’s IPO, which will comprise only an OFS, is expected to be announced next week, with the issue also likely to open later in the week. The shares may list on the BSE on September 25.
In the unlisted market, NSE shares were trading at around Rs 2,025 apiece, according to data from UnlistedZone. The grey market premium stood at around Rs 228 as of Wednesday.
The exchange is expected to file an updated draft red herring prospectus (DRHP) early next week.
Sources said the expected price range follows the response from institutional investors during roadshows.
“Regarding pricing, it has been made more attractive for small investors to benefit in the OFS,” said a source.
The bourse had filed its draft documents with the Securities and Exchange Board of India (Sebi) in June and received approval for DRHP on September 4.
Earlier this month, the Supreme Court disposed of Sebi’s appeals in the co-location and dark-fibre matters following a settlement of around Rs 1,491.21 crore by the NSE.
“The issue size is being reduced on the count that some of the shareholders do not want to sell now in the offer for sale. They believe that they may get a better price than the OFS later on after the listing,” said a source familiar with the developments.
The trimming of the OFS may lead to the NSE competing for the touted “largest IPO” title, as Hyundai India had raised nearly Rs 28,000 crore via IPO in 2024.
The NSE had not replied to Business Standard’s queries till press time.
Life Insurance Corporation of India, the largest shareholder in the exchange with a 10.72 per cent stake, is not participating in the offer and will retain its entire holding.
Shareholders selling their stakes include State Bank of India, SBI Capital, MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, National Insurance Company and United India Insurance Company.
These early investors are estimated to make significant windfall gains from the listing. SBI has a weighted average cost of Rs 0.8 per share, while Bank of Baroda’s acquisition cost stood at Rs 0.54 per share.
