The National Stock Exchange's anticipated ₹30,000-crore IPO is moving closer to launch, with unconfirmed reports suggesting the IPO could be launched this month, triggering strong buying interest in companies holding stakes in the exchange. According to Moneycontrol, shares of companies with NSE stakes have surged significantly, with IFCI Ltd shares jumping 11% to ₹96.66 per share and New India Assurance Company rising 6.74% to ₹198.30 per share. The exchange had initially expected SEBI clearance by early August but the timeline was pushed back by around three weeks following changes to the roster of selling shareholders, with SBI Capital Markets being added. The IPO is expected to launch by the end of this month, marking one of the biggest listings in India's capital market history.
State Bank of India is likely to emerge as one of the biggest sellers, proposing to offload around 2.48 crore shares in the NSE IPO. As reported by The Economic Times and PTI, SBI Chairman C S Setty confirmed the bank's participation in the exchange's upcoming IPO, stating 'We are participating in that divestment. We propose to divest 0.65% and 0.35% by SBI Capital Markets because both of us hold the stake. So together, about 1% as an SBI group... it could be less depending on any other shareholders joining.' The combined stake sale will result in up to 1% dilution of SBI group's total NSE holdings, with SBI proposing to divest 0.65% stake and SBI Capital Markets contributing 0.35% stake. Other key shareholders planning to trim their holdings include MS Strategic (Mauritius) Ltd, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda and Stock Holding Corporation of India. According to Upstox, SBI's average acquisition cost stands at ₹0.8 per share, while the bank currently holds a 4.4% stake in the company with 7.98 crore shares.
SBI currently holds a 3.23% stake in the National Stock Exchange, while SBI Capital Markets owns 4.33% in the country's largest stock exchange. As reported by The Economic Times and PTI, the total SBI group stake in NSE could be less than 1% depending on participation from other shareholders. The exchange has marketed its shares at ₹2,000-2,100 per share during meetings with potential investors, according to Bloomberg. IFCI Ltd, a public sector NBFC, holds a 52% stake in Stock Holding Corporation of India Ltd (SHCIL), which in turn owns a 4.4% stake in the NSE. Notably, Life Insurance Corporation of India (LIC), which remains the largest shareholder with a stake of around 10.72%, is not expected to sell any shares through the IPO. According to Upstox, Bank of Baroda will be selling 1.6 crore shares as the second-largest selling shareholder, holding 0.89% of the total stake with 2.1 crore shares at an average cost of ₹0.54 per share. General Insurance Corporation will sell up to 1.06 crore shares out of 4.07 crore shares held, having acquired them at an average price of ₹5.26 per share.
At the top of the marketed range of ₹2,000-2,100 per share, NSE would rank sixth among global exchange operators by market capitalisation, narrowly behind London Stock Exchange Group Plc and ahead of Nasdaq Inc. According to Bloomberg, at a USD 55 billion valuation, NSE's sale of a 6% stake could raise about ₹31,500 crore, surpassing the ₹27,870 crore raised by Hyundai Motor Co's Indian unit in 2024, which was the country's largest IPO to date. The exchange, which operates the world's largest derivatives exchange by trading volume, is seeking a valuation of as much as ₹5.26 lakh crore in its planned IPO. Reports have suggested that the NSE could trade on its own exchange via the 'permitted to trade' category after listing on the BSE. The IPO is said to be 100% offer-for-sale, with investors selling 148,90,5525 shares on the bourses, though the valuation and issue size are yet to be determined, including the tentative issue price range and dates.
Since the DRHP filing on June 17, 2026, shares of companies with NSE stakes have shown strong performance across the board. New India Assurance Company shares have risen over 24% since the NSE IPO announcement, with the company holding a 1.52% stake and planning to sell 1.05 crore shares at an average cost of ₹0.32 per share. IFCI Ltd shares have rallied as much as 15% to date, despite holding stakes through a step-down route, with the company's 52% stake in Stock Holding Corporation of India expected to shed more than 1.09 crore shares. Bank of Baroda shares have delivered subdued returns of -15% since June 17 to currently trade at ₹240 per share, though the bank holds a 0.89% stake with 2.1 crore shares. General Insurance Corporation shares have largely remained flat at ₹353 apiece on the NSE since the filing, having acquired NSE shares at an average price of ₹5.26 per share.
