A view of the National Stock Exchange in Mumbai. File
| Photo Credit: Reuters
The size of the National Stock Exchange (NSE) IPO may shrink with the Offer For Sale (OFS) likely to be cut to 5.2-5.5%, from the 6% planned earlier, as some shareholders have backed out of the sale, people familiar with the matter said on Wednesday (September 9, 2026).
The reduced OFS could bring down the overall issue size to ₹25,000-27,000 crore, compared with the earlier estimate of ₹30,000 crore. At this size, NSE may fall short of becoming India’s largest-ever public offering. Hyundai Motor India’s IPO, at ₹27,870 crore, currently holds the record.
“The reduction in the OFS size is understood to be driven by some shareholders choosing not to sell during the IPO, as they believe they could command a better valuation by selling their stake at a later stage,” the people familiar with the matter said.
“The NSE is also looking to make the issue more attractive for retail investors, with pricing being structured to provide greater participation and benefit to small investors in the OFS,” they added.
The IPO price band is expected to be in the range of ₹1,700-1,785 per share, against an earlier estimated of ₹2,000 per share.
The NSE IPO is likely to open for public subscription on September 18 and close on September 22. The shares are likely to be listed on September 25, sources stated. The listing is targeted before the ‘Pitru Paksha’ period that begins on September 26.
The NSE’s offering will compete with that of Jio Platforms, billionaire Mukesh Ambani-led conglomerate’s digital services arm. Jio’s offering is estimated to be ₹37,700 crore but its timing has not yet been announced.
Last week, markets regulator SEBI gave clearance to NSE to go ahead with its public issue. The approval marked a major step for NSE, whose listing plans had been stalled for nearly a decade due to regulatory hurdles, including the co-location controversy.
NSE filed its draft prospectus with SEBI in June. However, the approval timeline slipped after SBI Capital Markets was added to the list of selling shareholders, a change that triggered a fresh 21-day public feedback window on the revised documents.
As per the draft papers, NSE’s offering was structured entirely as an OFS of up to 14.89 crore shares — roughly 6% of the exchange’s paid-up capital.
Since the issue is entirely an offer for sale, proceeds will flow to selling shareholders rather than to the exchange itself.
Among the top selling shareholders, State Bank of India will offload up to 2.48 crore shares, followed by MS Strategic (Mauritius) Limited with 1.60 crore shares.
Other key selling shareholders include Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Limited, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company.
Published – September 09, 2026 07:14 pm IST
