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NSE Cuts Proposed IPO Size To ₹23,000 Crore
The National Stock Exchange wants to sell shares to the public.
It has submitted an updated IPO document to regulators.
The planned sale is now worth about ₹23,000 crore, down from roughly ₹30,000 crore.
The exchange itself will not get money from the sale because existing shareholders are selling their shares.
Some government-owned insurance companies have decided to sell fewer shares.
A company linked to Morgan Stanley has also reduced its proposed sale.
Large investors have reportedly shown interest worth about ₹85,000 crore.
NSE began working toward a stock-market listing nearly a decade ago, but the listing has faced delays.
The National Stock Exchange filed an updated draft red herring prospectus on September 9.
The proposed IPO size has been reduced to about ₹23,000 crore from roughly ₹30,000 crore.
The IPO will remain entirely an offer-for-sale, so NSE will not receive proceeds.
Several public-sector insurers and MS Strategic have reduced their proposed stake sales.
Institutional investors have reportedly shown interest worth about ₹85,000 crore.
- Who
- The National Stock Exchange, its existing shareholders, public-sector insurers, MS Strategic (Mauritius) Ltd, institutional investors, and market regulators.
- What
- NSE filed an updated draft prospectus for a proposed IPO of about ₹23,000 crore.
- Where
- The filing was submitted to the Securities and Exchange Board of India and the stock exchanges.
- When
- The updated filing was made on September 9, with the report published on September 10, 2026.
- Why
- The IPO is intended to facilitate NSE's long-delayed stock-market listing, while existing shareholders sell shares through an offer-for-sale.
Key facts
- Updated filing
- NSE filed an updated draft red herring prospectus on September 9.
- Expected IPO size
- About ₹23,000 crore.
- Original proposed size
- Roughly ₹30,000 crore in the original DRHP filed in June.
- Offer structure
- Entirely an offer-for-sale; NSE will not receive IPO proceeds.
- Original OFS
- The original DRHP proposed an offer of 14.89 crore shares, or about 6% of NSE's equity.
- Reported institutional interest
- Around ₹85,000 crore.
- IPO history
- NSE began its IPO process nearly a decade ago, but its listing has been delayed for several years.
Sources
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