The numbers tell a story of caution mixed with conviction. Out of the 20 institutional investors who participated in the offer-for-sale (OFS), the foreign contingent—comprising nine FII entities—held 15.96 per cent of NSE before the deal. The domestic bloc, led by ten public sector entities and ICICI Lombard General Insurance, owned 20.86 per cent. Together, these institutions controlled 36.82 per cent of the exchange pre-IPO. Yet, they offered only a 5.11 per cent stake for sale. That’s a 13.88 per point gap between what they owned and what they let go.
Look at the big names. Aranda Investments, starting with a 4.54 per cent slice, trimmed its position by just 7 per cent on average. Stock Holding Corporation of India (4.44 per cent), SBI Capital Markets (4.33 per cent), and ChrysCapital (3.73 per cent) followed suit, each shaving off roughly the same 7 per cent. Even the more active sellers kept most of their eggs in one basket. Crown Capital sold about 11 per cent of its holding, while TA Asia Pacific reduced its exposure by approximately 6 per cent. This isn’t an exit; it’s a liquidity event.
The market appetite was evident early on. The IPO was fully subscribed on the second day of bidding on Friday, overtaking the ₹21,000-crore public offer of Life Insurance Corporation of India in 2022. It now sits just behind Hyundai Motor India’s ₹27,870-crore IPO from 2024 as the second-largest public issue in the country. Non-institutional investors and qualified institutional buyers (QIBs) drove much of this subscription, signaling strong retail and semi-institutional demand.
Structurally, the deal has shrunk from its initial plan. The OFS was originally proposed to cover 14.9 crore shares, an estimate that would have raised around ₹30,000 crore. That was cut to 12.64 crore shares, bringing the final size to ₹22,569 crore. NSE set the price band at ₹1,700–₹1,785 per share, stamping a valuation of up to ₹4.42 lakh crore at the upper end. Crucially, since this is a pure OFS, NSE itself receives zero proceeds. Every rupee raised goes directly to the existing shareholders realizing their gains.
With the issue closing on September 21, all eyes turn to the listing date: September 24. The retention levels among key institutional holders suggest a stable float post-listing, which could limit immediate volatility but may also cap the upside potential for new entrants seeking quick flips. The data points to a market that values the exchange but prefers to keep its existing footing firm.