NSE IPO countdown: Submit EOI by April 27 - Who can apply and what are the rules; 5 key factors

The street is once again buzzing with fresh chatter around one of the most anticipated and much-talked about IPO in India. The upcoming public offering in focus here is the National Stock Exchange (NSE) IPO.

After years of delays and uncertainty, the buzz around the NSE IPO has picked up pace again. Moreover, this time, the key trigger is the growing expectation that the exchange may finally move ahead with its draft red herring prospectus (DRHP).

According to multiple reports, the exchange is likely to file its DRHP as early as June. In addition, a possible listing is expected by the end of the year. However, readers must remember that there is no official announcement by NSE yet.

The issue size is also being widely discussed in these reports, with estimates suggesting a potential fundraise of over Rs 20,000 crore.

However, FinancialExpress.com could not independently verify these developments and will update as soon as we get any official update .

Let’s look at what we know about this much-awaited IPO already and understand what investors should keep a close eye on.

Why is the NSE IPO in the limelight again?

The latest buzz around the NSE IPO comes after reports indicated that the public offering is finally moving forward.

At the same time, expectations of a large issue size and a potential listing timeline within this year have added to the investor curiosity. What’s added to the anticipation is the expression of interest deadline that’s ending on April 27.

NSE IPO Timeline

Is the NSE IPO different from a regular public issue?

Unlike typical IPOs where anyone can apply, the NSE offering is expected to be structured entirely as an offer-for-sale (OFS).

This, in terms, means that the company will not raise fresh capital.

Instead, the sale will come from existing shareholders offloading a portion of their stake.

As a result of this, the participation is limited and not open to all investors.

Who can participate in the upcoming NSE IPO?

Eligibility is tightly defined in this upcoming public offering.

A look now at who would be allowed in the OFS bly those shareholders who have held fully paid-up NSE shares continuously since June 15, 2025.

This condition is important to watch. It effectively blocks last-minute buyers from entering the unlisted market just to benefit from the IPO.

This means, if someone buys NSE shares now, they will not qualify for this offering.

There is another layer of restriction as well. The shares should not carry any legal or financial restrictions like pledging or other claims. If such conditions exist, they may not qualify for participation in the IPO.

NSE IPO watch: Why is April 27 an important date to track

Now, it is important to note that the eligible shareholders are required to submit their expressions of interest (EOIs) by April 27, 2026, before 5 PM.

Missing this deadline could mean losing the chance to participate in the OFS.

After submission, the exchange will review the applications. Further, it will identify the shareholders who meet the eligibility criteria.

Interestingly, those who choose to sell their shares through this route will not be allowed to apply for shares again in the IPO as regular investors. This is another condition that investors need to clearly understand before making a decision.

Is the NSE IPO different from a regular public issue?

Unlike typical IPOs where anyone can apply, the NSE offering is expected to be structured entirely as an offer-for-sale (OFS).

This, in terms, means that the company will not raise fresh capital.

Instead, the sale will come from existing shareholders offloading a portion of their stake.

As a result of this, the participation is limited and not open to all investors.

How will the pricing of the IPO be decided?

Since it will follow the book-building process, the final price will only be known closer to the issue, as it will follow the book-building process.

What this means is that the exact price will depend on investor demand as well as the market condition at the time of the issue.

What should investors take away from all this?

The upcoming NSE IPO continues to draw attention due to its size and significance, even as the market condition remains uncertain.

If the timelines hold, it could become one of the biggest listings in recent years.

For now, the buzz is strong, but the rules are just as important as the opportunity.