NSE IPO: DRHP filing likely today— From RK Damani to LIC & SBI; here are key shareholders

NSE IPO news: The National Stock Exchange of India (NSE) is said to file its draft papers (DRHP) for its initial public offering (IPO) with capital markets regulator Sebi today, Wednesday. The leading exchange is eyeing its stock market debut in the third quarter of the current financial year.

According to market sources, NSE's maiden stake sale will entirely be an offer-for-sale (OFS) issue, in which select existing shareholders will offload their stakes. Sources suggest that NSE is eyeing to raise Rs 20,000-25,000 crore by offloading up to a 5 per cent stake in the company.

NSE's entire shareholding belongs to non-promoter shareholders. According to the shareholding pattern filed as of March 31, 2026, public shareholders own 159.39 crore equity shares, or a 64.40 per cent stake in NSE, while non-public, non-promoter shareholders own 88.11 crore equity shares, or a 35.60 per cent stake. NSE had nearly 2.01 lakh shareholders in FY26.

Stock Holding Corporation of India, whose shareholders include IFCI Ltd, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC RE), owns 11 crore equity shares, or a 4.44 per cent stake in NSE. State Bank of India (SBI) held 7.98 crore equity shares, or a 3.23 per cent stake, while SBI Capital Markets owned 10.72 crore equity shares, or a 4.33 per cent stake.

Besides these shareholdings, LIC owns another 26.53 crore equity shares, or a 10.72 per cent stake in the leading exchange, while GIC held an additional 4.07 crore equity shares, or a 1.64 per cent stake. The New India Assurance Company Ltd, National Insurance Company and The Oriental Insurance Company each owned 3.52 crore equity shares, or a 1.42 per cent stake in NSE, as of FY26.

Among individual investors, ace investor Radhakishan Damani owns 3.90 crore equity shares, or a 1.58 per cent stake in NSE, while Azeem Premji's investment arm, Premji Invest, owned 5.89 crore equity shares, or a 2.38 per cent stake, through PI Opportunities Fund-I. More than 1.85 lakh retail investors held 30.75 crore equity shares, or a 12.42 per cent stake in NSE, as of the given date.

Temasek's Aranda Investments (Mauritius) held nearly 11.24 crore equity shares, or a 4.54 per cent stake, as of Q4FY26. Select overseas funds and sovereign wealth funds, including Mahogany, Crown Capital, DVI Fund (Mauritius), TIMF Holdings, TA Asia Pacific Acquisition, Canada Pension Plan Investment Board and others, cumulatively own 65.97 crore equity shares, or a 26.66 per cent stake.

Other domestic institutions, such as Tata Investment Corporation, JM Financial, BSE Ltd, Multi Commodity Exchange of India (MCX), HDFC Bank, Canara Bank, Punjab National Bank, Bank of Baroda and Union Bank of India, also own stakes in the National Stock Exchange of India. NSE shares are expected to be listed only on BSE.
 

NSE valuations
Shares of NSE are currently trading at Rs 4.95-5.07 lakh crore valuation in the unlisted market, with stock trading in the range of Rs 2,000-2,050 mark. Based on these valuations, NSE is likely to raise 24,750-25,500 crore from its maiden stake sale. 

NSE’s long-awaited IPO is finally on the horizon. The listing could immediately position NSE among the nation’s 10 most valuable listed companies by market capitalization, said Sarvam Goel, Founder at Pocketful. With unlisted shares currently trading around Rs 2,000, implying a market capitalization of nearly Rs 5 lakh crore, significant optimism is already priced in, he said.

"Historically, large IPOs have been priced at a 15-20 per cent discount to prevailing unlisted levels to generate listing gains and sustain investor participation. Given the moderation in earnings between FY25 and FY26, an IPO price around Rs 1,600 per share would offer a more balanced entry point for investors while ensuring healthy demand at listing," Goel adds.