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NSE cuts IPO size after major holders trim planned stake sales
The exchange’s offering shrank to about a 5.1% stake, implying a lower fundraising target of around ₹23,000 crore compared with the earlier plan.
The National Stock Exchange of India has reduced the size of its IPO after several key institutional shareholders scaled back planned stake sales, according to LiveMint Markets citing people familiar with the matter.
The NSE IPO was initially set to raise about ₹30,000 crore by selling a 6% stake, or 149 million shares. The revised plan cuts the offering to about 5.1% stake, or 126.4 million shares, targeting nearly ₹23,000 crore, making it smaller than Hyundai Motor India’s ₹27,000-crore debut in 2025.
Earlier reporting pegged the likely IPO price band at around ₹1,800 per share, and Bloomberg News previously reported the stake on offer was reduced to about 5.5% from 6%. LiveMint Markets adds that Morgan Stanley’s investment vehicle, MS Strategic (Mauritius), likely cut its stake sale by about 5 million shares from an original offering of 16 million shares.
The reductions, the outlet said, also extended to other selling shareholders, including state-backed lenders and insurers, as major institutional backers appeared more reluctant to sell larger stakes in the NSE, which is viewed as primary market infrastructure. State-run entities including Bank of Baroda and Indian Bank, along with GIC Re and other holders, trimmed their planned share sales under the updated offering size.