In a step towards filing its draft red herring prospectus (DRHP), the National Stock Exchange (NSE) has invited existing shareholders to tender their shares for the long-awaited initial public offering (IPO).
In a communication to shareholders, the exchange said its board had, on February 6, 2026, approved plans to pursue a public listing through an offer for sale (OFS), allowing eligible investors to sell part or all of their holdings. Shareholders must indicate their willingness to participate in the proposed share sale by April 27, 2026.
Eligibility to participate in the OFS is contingent on shareholders having held their shares continuously for at least one year prior to the DRHP filing. While the filing date has not been finalised, NSE has set June 15, 2025 as the cut-off date, based on its estimated timeline.
Under regulatory norms, selling shareholders will not be permitted to subscribe to the IPO as investors. Additionally, lock-in requirements will apply to their remaining pre-offer shareholding.
Participants will also be required to comply with provisions under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018, and the Companies Act, 2013.
According to sources, NSE is likely to seek a valuation between ₹4-6 trillion, potentially placing it among India’s most valuable listed companies. The IPO will be entirely an OFS, with existing investors likely to dilute about 2.5-5 per cent stake, depending on the response to the tendering process.
Earlier this month, the exchange appointed a record 20 merchant bankers and eight legal firms to manage the offering.
As the issue will not include a fresh equity component, proceeds will accrue solely to the selling shareholders.
As of December 2025, key shareholders in NSE included Life Insurance Corporation of India (LIC), SBI Capital Markets, and Stock Holding Corporation of India, among others.
