NSE – IPO Opens Exit Window for Thousands of Shareholders

Expert Analysis:

• The National Stock Exchange of India (NSE) is preparing to allow thousands of existing shareholders to participate in its IPO by selling shares through the offer-for-sale (OFS) component, subject to regulatory eligibility.

• Only investors who have held shares for at least one year in the unlisted market will be eligible to tender their holdings, in line with SEBI norms governing IPO participation.

• NSE plans to divest around 4%–4.5% of its equity, and if total shareholder participation exceeds this limit, allocation will be done on a proportionate basis.

• The exchange’s shareholder base has expanded sharply, rising from 39,201 (March 2025) to 186,481 (December 2025), reflecting strong investor interest in the pre-IPO phase.

• The process of onboarding eligible shareholders and collecting bids may take over a month, after which NSE is expected to file its DRHP by end-May 2026.