NSE Initiates Key Process for IPO, Seeks Shareholder Interest in OFS Participation

National Stock Exchange of India (NSE) Initiates IPO Process

Key Highlights:

• The National Stock Exchange of India (NSE) has begun the process for its highly anticipated initial public offering (IPO) by soliciting expressions of interest (EOI) from existing shareholders to gauge their willingness to participate through the Offer for Sale (OFS) route.
• Shareholders have been invited to tender their shares in full or in part, subject to the terms outlined in the OFS notice, with a deadline to respond by April 27, 5 pm.

IPO Framework:

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• The OFS framework and conditions for participation have been detailed in EOI forms and annexures shared with investors.
• Shareholders opting to participate can tender their shares in full or in part, subject to the terms and conditions set out in the OFS Notice and its annexures.

Listing Plans:

• The development signals renewed momentum in NSE's listing plans, with the exchange beginning the process of identifying selling shareholders ahead of the public issue.
• Earlier this month, NSE appointed 20 merchant banks to manage its long-awaited initial public offering, marking the largest number of bankers selected to manage any public issue in India thus far.

Selected Intermediaries:

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• The list of selected merchant banks includes:
  • Kotak Mahindra Capital
  • SBI Capital Markets
  • JPMorgan
  • Citigroup
• Additionally, NSE has selected eight law firms, including India's Cyril Amarchand Mangaldas and Trilegal, and U.S.-based Latham and Watkins, among others.

Industry Context:

• Prior to this, the public issue of ICICI Prudential AMC in 2025 drew the largest number of bankers for an Indian IPO, with 18 banks involved.