NSE IPO update: RHP filed; offer size revised - what has changed | Price Band announcement on Sept 11
NSE IPO update: Several shareholders have reduced their proposed OFS in the RHP, while SBI Capital Markets has been added as a seller. Check key changes.
- Sep 10, 2026,
- Updated Sep 10, 2026 1:10 PM IST
NSE IPO update: The offer-for-sale (OFS) component of the proposed initial public offering (IPO) of National Stock Exchange of India (NSE) has been revised in the red herring prospectus (RHP), with several existing shareholders reducing the number of shares they plan to sell, people familiar with the matter told Business Today.
According to the sources, The revised filing has also added SBI Capital Markets Limited as a selling shareholder, while Amit Kumar Lohia, who had proposed to sell a small number of shares at the draft stage, no longer appears among the sellers. The changes have reduced the overall number of shares proposed to be offered through the IPO compared with the draft red herring prospectus (DRHP) filed on June 17, 2026.
Based on the maximum OFS shares and an indicative price band of Rs 1,700-1,785 a share, the revised OFS implies a lower offer value than the earlier proposal. The final offer size will depend on the number of shares ultimately offered and the price discovered through the IPO process.
NSEI IPO: Shareholders trim proposed OFS State Bank of India has reduced its proposed OFS from 24.75 million shares in the DRHP to 15.97 million shares in the RHP. MS Strategic (Mauritius), an affiliate of Morgan Stanley, has cut its proposed sale from 16 million shares to 11 million shares, while Bank of Baroda has reduced its OFS from 10.99 million shares to 7.69 million shares.
Stock Holding Corporation of India has revised its proposed sale from 10.89 million shares to 6.19 million shares. General Insurance Corporation of India has also reduced its proposed OFS from 10.66 million shares to 6.19 million shares. National Insurance Company has lowered its proposed sale from 6 million shares to 4 million shares, while Mahagony Ltd has reduced its OFS from 5 million shares to 3 million shares. Indian Bank has also trimmed its proposed sale from 2.48 million shares to 1.50 million shares.
SBI Capital Markets added as selling shareholder SBI Capital Markets Limited has been added as a selling shareholder in the RHP and has proposed to sell 8.78 million NSE shares through the OFS. Meanwhile, Amit Kumar Lohia, who had proposed to sell up to 25,000 shares in the DRHP, does not feature among the selling shareholders in the revised filing.
Reason for the revision People familiar with the matter said the reduction in the OFS reflects decisions by some existing shareholders to retain a larger portion of their NSE holdings at the IPO stage. NSE is reported said to be announce its price band officially on Friday, September 11, while RHP is likely to be out later in the evening today.
According to the sources, who requested anonymity, some shareholders believe retaining the shares could provide an opportunity to participate in any potential value appreciation after the listing, rather than selling the entire proposed quantity through the IPO. This has consequently resulted in a smaller OFS compared with the proposal outlined in the DRHP.
Stake on offer and shareholding Existing shareholders are likely to offer nearly 5.5 per cent of NSE's equity through the IPO, people familiar with the matter said. The revised stake sale also has implications for NSE's public shareholding structure after listing. The exchange is expected to evaluate further stake sales over time to meet the applicable minimum public shareholding requirement.
Other shareholders unchanged The proposed OFS quantities of several other selling shareholders remain unchanged between the DRHP and RHP. These include Canada Pension Plan Investment Board, Aranda Investments, The New India Assurance Company, United India Insurance Company, Crown Capital, Ontario Inc., The Oriental Insurance Company, ICICI Lombard, TA Asia Pacific Acquisitions, Soach Global Strategic Holdings, Be-In Eight, Rajiv Bolla, Shaik Samdani Basha and Mahesh Gupta.
The changes represent a revision in both the composition and size of the OFS between the DRHP and RHP. The fresh issue, if any, remains separate from the OFS component, with the final structure and size of the IPO to be determined through the offer process. The revised filing therefore reflects a smaller proposed OFS, with SBI Capital Markets added as a selling shareholder, Amit Kumar Lohia no longer appearing as a seller, and several existing shareholders reducing their proposed stake sale.
NSE IPO update: The offer-for-sale (OFS) component of the proposed initial public offering (IPO) of National Stock Exchange of India (NSE) has been revised in the red herring prospectus (RHP), with several existing shareholders reducing the number of shares they plan to sell, people familiar with the matter told Business Today.
According to the sources, The revised filing has also added SBI Capital Markets Limited as a selling shareholder, while Amit Kumar Lohia, who had proposed to sell a small number of shares at the draft stage, no longer appears among the sellers. The changes have reduced the overall number of shares proposed to be offered through the IPO compared with the draft red herring prospectus (DRHP) filed on June 17, 2026.
Based on the maximum OFS shares and an indicative price band of Rs 1,700-1,785 a share, the revised OFS implies a lower offer value than the earlier proposal. The final offer size will depend on the number of shares ultimately offered and the price discovered through the IPO process.
NSEI IPO: Shareholders trim proposed OFS State Bank of India has reduced its proposed OFS from 24.75 million shares in the DRHP to 15.97 million shares in the RHP. MS Strategic (Mauritius), an affiliate of Morgan Stanley, has cut its proposed sale from 16 million shares to 11 million shares, while Bank of Baroda has reduced its OFS from 10.99 million shares to 7.69 million shares.
Stock Holding Corporation of India has revised its proposed sale from 10.89 million shares to 6.19 million shares. General Insurance Corporation of India has also reduced its proposed OFS from 10.66 million shares to 6.19 million shares. National Insurance Company has lowered its proposed sale from 6 million shares to 4 million shares, while Mahagony Ltd has reduced its OFS from 5 million shares to 3 million shares. Indian Bank has also trimmed its proposed sale from 2.48 million shares to 1.50 million shares.
SBI Capital Markets added as selling shareholder SBI Capital Markets Limited has been added as a selling shareholder in the RHP and has proposed to sell 8.78 million NSE shares through the OFS. Meanwhile, Amit Kumar Lohia, who had proposed to sell up to 25,000 shares in the DRHP, does not feature among the selling shareholders in the revised filing.
Reason for the revision People familiar with the matter said the reduction in the OFS reflects decisions by some existing shareholders to retain a larger portion of their NSE holdings at the IPO stage. NSE is reported said to be announce its price band officially on Friday, September 11, while RHP is likely to be out later in the evening today.
According to the sources, who requested anonymity, some shareholders believe retaining the shares could provide an opportunity to participate in any potential value appreciation after the listing, rather than selling the entire proposed quantity through the IPO. This has consequently resulted in a smaller OFS compared with the proposal outlined in the DRHP.
Stake on offer and shareholding Existing shareholders are likely to offer nearly 5.5 per cent of NSE's equity through the IPO, people familiar with the matter said. The revised stake sale also has implications for NSE's public shareholding structure after listing. The exchange is expected to evaluate further stake sales over time to meet the applicable minimum public shareholding requirement.
Other shareholders unchanged The proposed OFS quantities of several other selling shareholders remain unchanged between the DRHP and RHP. These include Canada Pension Plan Investment Board, Aranda Investments, The New India Assurance Company, United India Insurance Company, Crown Capital, Ontario Inc., The Oriental Insurance Company, ICICI Lombard, TA Asia Pacific Acquisitions, Soach Global Strategic Holdings, Be-In Eight, Rajiv Bolla, Shaik Samdani Basha and Mahesh Gupta.
The changes represent a revision in both the composition and size of the OFS between the DRHP and RHP. The fresh issue, if any, remains separate from the OFS component, with the final structure and size of the IPO to be determined through the offer process. The revised filing therefore reflects a smaller proposed OFS, with SBI Capital Markets added as a selling shareholder, Amit Kumar Lohia no longer appearing as a seller, and several existing shareholders reducing their proposed stake sale.