NSE IPO: National Stock Exchange of India, India's leading stock exchange, has invited its existing shareholders to tender their shares as part of its upcoming initial public offering.

NSE IPO: How existing shareholders can tender shares in upcoming mega issue

National Stock Exchange of India (NSE), India's leading stock exchange, has invited its existing shareholders to tender their shares as part of its upcoming initial public offering (IPO). The move signals another major step towards NSE's entry into the primary market.

Shareholders interested in participating must meet specific eligibility criteria. Shares should be fully paid-up and held continuously since June 15, 2025, which is at least one year before the expected filing of the draft red herring prospectus (DRHP). Also, no shares should be subject to any restraining order of any court or tribunal, any charge, lien, pledge, encumbrance or transfer restriction of any kind.

Key conditions for selling shareholders include a restriction on their participation as investors in the IPO. Additionally, all pre-offer shares will be subject to a lock-in period of six months from the date of allotment. The IPO process and eligibility conditions have been clearly outlined for existing shareholders as NSE prepares to make its public market debut.

It is important to note that submitting an expression of interest (EOI) does not guarantee the allocation or sale of shares in the IPO. The deadline for submitting EOIs is set for April 27, 2026, at 5 pm. Earlier this month, NSE finalised the appointment of intermediaries for the IPO on March 12.

A record number of 20 merchant bankers have been onboarded.The appointed book-running lead managers include 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.

NSE aims to file its DRHP by the end of March or early April. The IPO could offer nearly 4.5 per cent of NSE's equity. Based on the current unlisted market price, the issue size is estimated to be around Rs 23,000 crore, potentially making it one of the largest IPOs in India's capital markets.