NSE IPO Alert: 5 things existing shareholders must do before April 27

Is India’s largest stock exchange finally heading to Dalal Street? And if yes, what does it mean for those who already hold its shares?

These are the questions now coming into focus as the National Stock Exchange of India (NSE) moves a step closer to its much-awaited initial public offering (IPO).

In a latest development, the exchange has opened the door for its existing shareholders to indicate if they want to exit ahead of the IPO.

But why now, and what does this really indicate about the timeline? Let’s take a look –

NSE: Buzz ain unlisted market and what it indicates

Even before hitting the primary market, NSE shares have been actively traded in the unlisted space. As of the latest available, the share price was hovering around Rs 1,925 per share.

Who can tender shares?

For existing shareholders, eligibility is not automatic. The exchange has laid down a timeline and ownership criteria.

Investors must hold fully paid-up shares to be eligible. They should have held these shares continuously since June 15, 2025. This requirement is in line with rules before filing the Draft Red Herring Prospectus (DRHP).

This effectively means only long-term holders, which means those who have stayed invested for at least a year can participate in this phase.

NSE IPO: Key rules investors cannot ignore

There are a few important restrictions that shape how this process will unfold.

Shareholders who decide to sell their stake in the IPO will not be allowed to come back as investors in the same issue. In other words, it is an either-or choice – sell now or participate later.

At the same time, shares that remain will be subject to a six-month lock-in period after allotment. This is a standard mechanism.

Another important point is that submitting an expression of interest (EOI) is not a guarantee. It only indicates intent, and the final allocation or acceptance will depend on multiple factors during the IPO process.

Timeline to watch

The window for shareholders to submit their EOIs is open until April 27, 2026, with a cut-off time of 5 pm.

NSE IPO: Record line-up of bankers

NSE has appointed 20 merchant bankers. This is the highest ever for an Indian IPO.

This includes a list of names such as Kotak Mahindra Capital, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, Morgan Stanley India and JPMorgan India, among others.

What to watch ahead

With these ongoing developments and preparations, the exchange appears to be moving closer to its long-awaited IPO.

This potentially will draw the curtain on a decade-long wait for investors.

Although the exact timeline of the issue is still not clear but investors are closely watching every step of this mega listing – especially since the exchange has enabled countless companies to go public, but is yet to list itself.