NSE – IPO Size May Shrink to ₹25,000–27,000 Cr as Shareholders Pull Back

Expert Analysis:

• NSE’s proposed IPO could be reduced to ₹25,000–27,000 Cr, compared with the earlier expectation of around ₹30,000 Cr, as some existing shareholders are reportedly reconsidering their participation in the OFS.

• The OFS portion could fall to 5.2–5.5% of NSE’s equity, from the previously planned 6%. This would reduce the number of shares offered to public investors.

• The pullback comes amid expectations that shareholders may prefer to retain their NSE holdings and potentially sell later at a higher valuation rather than accept the lower IPO pricing currently being discussed.

• The reported IPO price range has also moved lower, with NSE potentially being priced at around ₹1,700–1,785 per share, compared with earlier expectations of ₹2,000+. At the upper end, this would imply a valuation of roughly ₹4.4 lakh Cr.

• Despite the smaller issue, NSE's IPO remains on track for a September launch, with subscription reportedly expected to begin around September 18.