NSE – SBI Capital Markets Joins IPO as Seller, But Issue Size Remains Unchanged

Expert Analysis:

• NSE has updated its IPO draft filing with SEBI, with SBI Capital Markets (SBICAPS) now joining the Offer for Sale (OFS). However, the overall IPO size remains unchanged at 14.89 crore shares.

• The original SBI sale of 2.475 crore shares has effectively been split: SBI will sell 1.59 crore shares, while SBICAPS will sell 87.8 lakh shares. This means the change is in the seller composition, not the size of the offering.

• Interestingly, SBICAPS owns a larger stake in NSE than SBI itself—4.33% versus 3.23%—making it NSE's fourth-largest shareholder. The latest filing also discloses SBICAPS' acquisition cost at just ₹0.38 per share.

• The filing also revises the three-year weighted average acquisition cost for all selling shareholders from ₹229.23 to ₹205.86 per share, a reduction of nearly 10%, following SBICAPS' inclusion in the seller pool.