The National Stock Exchange (NSE) filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Wednesday, June 17, according to official documents.
NSE
The National Stock Exchange (NSE) filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Wednesday, June 17, according to official documents.
The proposed IPO involves up to 148.9 million equity shares and is estimated to be worth around Rs 30,000 crore. It has been structured entirely as an offer for sale (OFS), with existing shareholders collectively divesting around 6 per cent of the exchange’s equity. Once launched, it could rank among the largest IPOs in India’s capital markets since Hyundai Motor India’s Rs 27,000 crore offering in 2024.
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Earlier, the NSE had officially appointed Rothschild & Company as its independent adviser. Now that the DRHP has been filed with the SEBI, a potential listing is expected by Q3 or Q4.
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According to the draft documents, the public issue will be entirely an offer for sale (OFS), meaning no fresh shares will be issued by the exchange. Existing shareholders will dilute part of their holdings through the IPO.
The State Bank of India is expected to be the largest selling shareholder, proposing to offload 24.75 million shares.
According to the draft documents, MS Strategic (Mauritius) Limited plans to sell 16 million shares, while the Canada Pension Plan Investment Board has proposed divesting nearly 11.87 million shares.
Other major shareholders participating in the OFS include Aranda Investments (Mauritius) Pte. Ltd., Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India and The New India Assurance Company Ltd.
National Insurance Company Limited and United India Insurance Company Limited have each proposed the sale of 6 million shares.
At an assumed IPO price of Rs 2,000 per share, Dmart promoter Radhakishan Damani’s 1.58 per cent stake in the exchange is valued at Rs 7,817 crore, making him among the biggest individual gainers, though the price at which he acquired these shares has not been disclosed in NSE’s draft red herring prospectus (DHRP).
Hero Group founder Sunil Kant Munjal holds 1.02 crore shares or a 0.41 per cent stake in NSE, valued at Rs 2,040 crore, while S. Gopalakrishnan, co-founder of Infosys, owns 94.29 lakh shares amounting to a 0.38 per cent stake worth Rs 1,886 crore.
Dmart CEO & MD Ignatius Navil Noronha holds 30 lakh shares or a 0.12 per cent stake valued at Rs 600 crore, while Chennai-based investor Dolly Khanna holds 15.17 lakh shares or a 0.06 per cent stake valued at Rs 303 crore. Individual investor Siddharth Balachandran holds a similar 0.38 per cent stake valued at Rs 1,863 crore, and veteran investor Vanaja Sundar Iyer’s 44 lakh shares are currently worth Rs 880 crore.
Other individual investors, including Siddharth Iyer, Lata Bhanshali, Payal Jain, Ruchi Jain, Hanasoge Rajesh, Omkarnath Malpani, Sushma Anand Jain, Rajiv Kuchhal, Tarun Jain, Himansu Pravinbhai Bhalodia, Bharat Taparia, Vipul Jayantilal Modi, Apurva Mahesh Shah, Chandrakant Vallabhaji Gogri, Damani Estate and Finance, Navin Agarwal, Neepa Shah, Ramakant Baheti, Kamlesh Navinchandra Shah, Mukesh Sharma, Subodh Gupta, Sundar Iyer, Hitesh Satishchandra Doshi and Rajiv Kumar, hold stakes ranging between 0.05 per cent and 0.30 per cent, with holding values between Rs 140 crore and Rs 300 crore.
LIC, the exchange’s largest shareholder, holds a 10.7 per cent stake comprising 26.5 crore shares, valued at around Rs 50,641 crore. Aranda Investments (Mauritius) and Stock Holding Corporation of India are the second and third largest shareholders, with stakes valued at about Rs 21,469 crore and Rs 20,999 crore, respectively. SBI Capital Markets’ holding is valued at around Rs 20,474 crore, Mahogany’s stake at about Rs 17,619 crore, State Bank of India’s holding at approximately Rs 15,243 crore, and PI Opportunities Fund’s stake at around Rs 11,110 crore.
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