The proposed initial public offering (IPO) of the National Stock Exchange of India (NSE) has seen a fresh change in its shareholding structure. State Bank of India (SBI) has shifted a portion of its NSE stake to its wholly owned subsidiary, SBI Capital Markets (SBICAPS).

The move changes who will sell the shares in the IPO. It also changes the role of SBI Capital Markets in the issue after becoming a selling shareholder.

The changes were disclosed in an addendum to NSE’s Draft Red Herring Prospectus (DRHP) dated August 10, 2026.

Under the revised arrangement, SBI has transferred 8,780,590 NSE shares, or around 87.81 lakh shares, to SBI Capital Markets.

These shares will now be offered by SBI Capital Markets as an additional selling shareholder.

SBI, meanwhile, will offer up to 7,188,820 shares.

Note

ly, the overall number of NSE shares being offered by the SBI group remains unchanged at 24.75 million shares.

So, is the IPO size changing because of this move?

Not based on the information disclosed in the addendum. The change is primarily about how the SBI group’s shares are split between the parent company and its subsidiary.

This is perhaps the most important part of the update for investors.

SBI Capital Markets, after becoming a selling shareholder, will see some changes in its capacity as lead manager under SEBI’s regulations.

“SBI Capital Markets is participating as a Selling Shareholder in the Offer. On account of the restrictions under Regulation 21A of the SEBI Merchant Bankers Regulations SBI Capital Markets, in its capacity as a book running lead manager to the Offer, will be involved only in the marketing of the Offer,” the addendum noted.

The company’s board approved its participation in the offer on August 10. It also issued the required consent for the sale of the shares on the same day.

There is another interesting detail in the filing.

SBI Capital Markets’ weighted average cost of acquisition for these NSE shares is just Rs 0.38 per share as of July 10, 2026.

These shares were received as bonus shares in November 2024 in a 4:1 ratio. In other words, SBI Capital Markets received four additional shares for every one share held under the bonus issue.

For investors, the latest development does not by itself alter the total number of shares being sold by the SBI group.

The bigger change is the identity and role of the selling shareholder.

SBI Capital Markets will now sell its 8.78 million NSE shares but will no longer manage the IPO as a BRLM.

NSE had filed its original DRHP with SEBI in June 2026. The latest addendum provides an updated picture of the selling shareholders ahead of the proposed IPO.

Investors will now be watching the next filings for details such as the IPO size, price band, offer dates and valuation.