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State Bank of India (SBI) will be the largest selling shareholder in the proposed initial public offering (IPO) of the National Stock Exchange of India Ltd (NSE), offering up to 1.60 crore equity shares, while Life Insurance Corporation of India (LIC), which holds a 10.72 per cent stake in NSE, has decided not to sell any shares through the offer for sale (OFS).
According to NSE's Red Herring Prospectus (RHP), the IPO will comprise an offer for sale of up to 12.64 crore equity shares of face value of Rs 1 each, with no fresh issue of shares by the company. The price band for the IPO has been fixed at Rs 1,700 to Rs 1,785 per equity share. The IPO is scheduled to open for investors on September 16, 2026, while the bidding for other investors will open on September 17, 2026. The bid/offer will close on September 21, 2026. The floor price is 1,700 times the face value of the equity share, while the cap price is 1,785 times the face value. The RHP said bids can be made for a minimum of eight equity shares and in multiples of eight shares thereafter. At the floor price of Rs 1,700, the offer size is up to Rs 21,486.53 crore, while at the cap price of Rs 1,785, the offer size is up to Rs 22,561.57 crore, according to the document. The RHP shows SBI offering up to 15,969,410 equity shares, making it the largest selling shareholder among the top 10 shareholders disclosed in the offer document. Canada Pension Plan Investment Board is the second-largest seller listed, with up to 1.19 crore shares, followed by Aranda Investments (Mauritius) Pte Ltd with up to 1.12 crore shares. Other selling shareholders include MS Strategic (Mauritius) Ltd, New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and United India Insurance Company. LIC, however, is not among the selling shareholders in the OFS and will retain its entire 10.72 per cent holding in NSE. The RHP also shows a significant variation in the weighted average cost of acquisition of NSE shares among the selling shareholders. SBI's weighted average acquisition cost is shown at Rs 0.80 per share, while New India Assurance's is Rs 0.32. SBI Capital Markets' cost is Rs 0.38, Bank of Baroda's Rs 0.54, and United India Insurance Company's Rs 0.50 per share. At the other end, Canada Pension Plan Investment Board has a weighted average acquisition cost of Rs 324.13 per share, while Aranda Investments and MS Strategic have costs of Rs 62.38 and Rs 66.54, respectively. The RHP states that NSE does not have an identifiable promoter. Eligible employees bidding in the employee reservation portion will receive a Rs 170 per-share discount, the document said. The RHP also states that the equity shares of NSE will be listed on the main board of BSE Ltd, with BSE designated as the stock exchange for the offer. (ANI)
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