NSE Rs 20,000 Crore IPO: OFS Eligibility, April 27 Deadline
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- NSE's mega IPO will be entirely an Offer for Sale (OFS), meaning all ~Rs 20,000 crore in proceeds go to selling shareholders and none to the company itself, with the DRHP expected to be filed in June
- Sebi eligibility rules require shareholders to have continuously held fully paid-up NSE shares since June 2025, effectively locking out anyone buying unlisted shares now from participating in the OFS
- Eligible shareholders must submit their Expression of Interest (EOI) by April 27, 2026 to participate in the OFS, with NSE planning to sell about 4.5% of its equity in the secondary sale
- NSE's shareholder count surged from 39,201 on March 31, 2025 to 1,59,394 by June 30, 2025, and climbed further to 186,481 by December 31, 2025
- NSE appointed 20 banks as bookrunners — a record, surpassing the 18 tapped by ICICI Prudential AMC for its listing last year — and also hired eight law firms, with Rothschild & Co. named as independent adviser
Why it matters: Because NSE's IPO is 100% an OFS, the exchange raises zero new capital — existing shareholders cash out up to 4.5% of equity instead. The one-year minimum holding rule and the April 27, 2026 EOI deadline mean only the 186,481 shareholders of record as of December 2025 get a seat at the table, shutting out anyone who buys unlisted shares from now on.
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