MUMBAI: The wait is finally over. The National Stock Exchange (NSE), India's largest stock exchange, filed its draft papers with market regulator Sebi on Wednesday night for its initial public offer (IPO). According to estimates, the IPO could raise over Rs 30,000 crore, making it the largest such offer in the country. For years, NSE had been attempting to go public but faced several roadblocks.
Currently, the Rs 27,859 crore IPO for Hyundai Motor India, which closed in mid-October 2024, is the largest in the country. NSE's IPO will be an offer for sale (OFS) through which nearly 15 crore shares are being sold by 23 shareholders. The top 10 selling shareholders include State Bank of India, MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corp, General Insurance Corp, The New India Assurance, National Insurance, and United India Insurance, as per the draft papers.
As of March 2026, LIC, with a 10.7% stake, was the largest shareholder in NSE. The country's largest life insurer is not diluting its stake. The SBI group was the second largest shareholder at 7.5%, held through SBI Capital Markets (4.3%) and SBI (3.2%).
The draft IPO papers revealed that two non-life insurance companies—The New India Assurance and National Insurance—are set to make a 6,875-time return in the IPO. These insurers bought NSE shares during the exchange's formative days at a cost of 32 paise each. At the expected price of Rs 2,200 per share, they would achieve a 6,875-time return on investment.
SBI, the country's largest bank and one of the largest sellers in the IPO, is also expected to make a four-figure return. In the early 1990s, SBI acquired NSE shares at an average price of 80 paise. At Rs 2,200 per share, SBI would realize a 2,750-time return on its investment in a little over 30 years.
Get the latest business news and top stories. Download the TOI App. Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes. About the Author: Partha Sinha, senior assistant editor (markets) at The Times of India, Mumbai, covers financial markets, stock market, mutual funds, banking, and insurance. He is a sports enthusiast and philatelist.
