The NSE IPO entered its final bidding day with major shareholders retaining substantial stakes after the Offer for Sale. The Rs. 22,569-crore issue closes on September 21, while NSE shares are expected to list on September 24. Institutional investors collectively held 36.82% of NSE before the IPO, but offered shares equal to only 5.11% of the exchange.
The selling group included 20 institutional investors, comprising nine foreign investors and 11 domestic institutions. Foreign investors collectively held 15.96% before the IPO, while domestic institutions controlled 20.86% of NSE. The limited sell-down lets these shareholders monetize part of their investments while retaining significant exposure to NSE.
Several large institutional investors reduced their holdings by only around 7% through the Offer for Sale. Aranda Investments held 4.54% before the OFS, while Stock Holding Corporation held 4.44% of NSE.
SBI Capital Markets entered the OFS with a 4.33% stake, while ChrysCapital held 3.73% before selling shares. Both investors also reduced their positions by roughly 7% through the issue.
Among foreign investors, Crown Capital sold around 11% of its pre-OFS holding. TA Asia Pacific reduced its position by approximately 6% during the share sale.
The pattern gives existing investors a route to realize gains without completely exiting from NSE. Retained stakes also leave these institutions exposed to the exchange after its public market debut.
The NSE IPO offers up to 12.64 crore shares at Rs. 1,700 to Rs. 1,785 per share. The upper price band values NSE at approximately Rs. 4.42 lakh crore.
The issue became fully subscribed on its second bidding day, making it India's second-largest public issue. Hyundai Motor India's Rs. 27,870-crore IPO remains larger after its 2024 debut.
Since the NSE IPO is structured as an OFS, NSE itself receives no proceeds. Existing shareholders will receive the money generated through their share sales.
The OFS initially targeted 14.9 crore shares before shareholders reduced the offer to 12.64 crore shares. This change lowered the expected issue size from around Rs. 30,000 crore.
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