NSE IPO: Here's the eligibility criteria for existing shareholders to tender shares

NSE has initiated the next leg of its IPO process, inviting shareholders to participate in the offer for sale as it prepares for a potential listing.

India's largest stock exchange, National Stock Exchange of India (NSE), has invited shareholders to tender their shares in its upcoming initial public offering (IPO), as it prepares to enter the primary market.

The IPO is expected soon, with the stock currently trading at around ₹1,925 per share in the unlisted market.

Eligibility criteria to tender shares in the IPO

- Shares must be fully paid-up

- Shares must have been held continuously since June 15, 2025 (tentative), which is at least one year prior to the expected DRHP filing

Key conditions

- Selling shareholders will not be allowed to participate in the IPO as investors

- All pre-offer shares will be locked in for six months from the date of allotment

- Submitting an expression of interest (EOI) does not guarantee allocation or sale in the IPO

The deadline for submitting EOIs is April 27, 2026, at 5 pm.

Earlier this month, on March 12, NSE concluded the appointment of intermediaries for the IPO. A total of 20 merchant bankers have been onboarded, marking a record for Indian IPOs, surpassing the previous high of 18 banks for ICICI Prudential Asset Management Company.

The appointed book-running lead managers include firms such as Kotak Mahindra Capital, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India, Citigroup Global Markets India, JPMorgan India, HSBC Securities India, IDBI Capital, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors, and Equirus Capital.

An earlier CNBC-TV18 report indicated that NSE is targeting the filing of its draft red herring prospectus (DRHP) by the end of March or early April.

The report also suggested that around 4.5% of NSE's equity could be offered in the IPO. Based on the prevailing unlisted market price, the issue size may be in the region of ₹23,000 crore, potentially making it one of the largest IPOs in India's capital markets.