Review of the Largest Public Stock Offerings in India, Including Plans from NSE and Reliance Jio

According to sources familiar with the situation, the much-awaited Initial Public Offering (IPO) of the National Stock Exchange (NSE) is expected to be priced around ₹1700–₹1800 per share.

Sources added that the size of the Offer for Sale (OFS) may be reduced from the initially planned 6 percent to 5.25 percent, which will lead to a lower overall offering volume compared to the previously projected ₹30,000 crore.

The pricing for the exchange's IPO, which will consist solely of OFS, is expected to be announced next week, and the offering itself is likely to commence later in the same week. Shares may be listed on BSE on September 25.

In the over-the-counter market, NSE shares were trading at approximately ₹2025 per unit, according to UnlistedZone data. As of Wednesday, the premium in the grey market was about ₹228.

The exchange plans to file an updated draft prospectus early next week. Sources also noted that the expected price range reflects the reaction of institutional investors during the roadshow.

One source stated that a more attractive offer was made regarding the pricing for small investors participating in the OFS.

The exchange filed its preliminary documents with the Securities and Exchange Board of India (Sebi) in June and received regulatory approval for the Draft Red Herring Prospectus (DRHP) on September 4. Earlier this month, the Supreme Court allowed Sebi appeals regarding joint listing and dark fiber following a settlement in which NSE paid approximately ₹1,491.21 crore.

A source familiar with the developments explained the reduction in offering volume by stating that some shareholders do not wish to sell now under OFS, as they believe they can achieve a higher price after listing.

Significant information has emerged regarding the Initial Public Offering (IPO) of the National Stock Exchange (NSE). According to sources, this IPO is expected to raise approximately 30,000 crore rupees and may commence on September 18th, with the stock listing scheduled for September 25th.

If the offering size reaches approximately 30,000 crore rupees, it could become the largest IPO in Indian history. However, official confirmation of these dates from the NSE has not yet been received, and the full IPO schedule has not been announced.

Sources suggest that the IPO price band might be announced on September 15th. Following this, the book-building process for anchor investors is expected to open on September 17th. Subsequently, the public subscription may open from September 18th to September 22nd, allowing investors to apply on September 18th, 21st, and 22nd.

The projected size of the NSE IPO is around 30,000 crore rupees. If this size is maintained, it will surpass the Hyundai Motor India IPO held in 2024, which raised 27,870 crore rupees, potentially making it the largest IPO in India. Due to this large volume, increased interest is anticipated from both domestic and foreign investors.

It is expected that the NSE IPO will be structured entirely as an Offer For Sale (OFS). This means the company itself will not issue new shares; instead, existing shareholders will sell a portion of their stake. Under the OFS, approximately 14.89 million equity shares with a face value of 1 rupee may be offered, constituting about 6% of NSE's paid-up capital.

Since the IPO will be conducted entirely through the OFS mechanism, no new shares will be issued, and the IPO proceeds will not go directly to the NSE. These funds will be received by the existing shareholders selling their stake. Reports also indicate that Bank of Baroda may sell its stake in the NSE IPO. The bank is expected to sell about 7.69 million NSE shares it holds under the OFS. According to reports, Bank of Baroda might realize about 35% of its stake in NSE, although the final number of shares and the stake will only be confirmed by official documents.

Considering the current probable timeline, the following dates may be significant for investors: September 15th—possible announcement of the price band; September 17th—possible opening of the book for anchor investors; September 18th, 21st, and 22nd—possible subscription dates; and September 25th—possible stock listing.

Nevertheless, investors should remember that all these dates are tentative. Final timelines will only become clear after the official schedule is published by the NSE. A clearer picture of the offer valuation, share volume, and the actual situation for investors can be seen after the price band and related IPO documents are released.

A recent Initial Public Offering (IPO) on the stock market generated significant profits for investors. Specifically, shares of ESDS Software Solution Ltd debuted on the exchange on Friday, doubling investors' funds.

On September 4, ESDS Software Solution shares were listed at 757 rupees, which was 76.46 percent higher than the initial IPO price of 429 rupees. However, the growth did not stop there; subsequently, the stock continued to rise on the NSE, increasing by 20 percent to reach 908 rupees.

Thus, this stock provided investors with a return of 111% compared to the IPO price, effectively doubling their investment.

Retail investors needed to purchase at least one lot, which cost 14,586 rupees and included 34 shares. After the IPO listing, each shareholder made a profit of 328 rupees per share. This was followed by an additional 20 percent increase. As a result, the total return was 111%, meaning a profit of 16,190 rupees on the initial investment of 14,586 rupees. The total investor income from this IPO reached 30,776 rupees.

QIB subscribed to this IPO 261.51 times, while high-net-worth investors invested 192.71 times. Meanwhile, retail investors subscribed to the IPO 38.81 times.

The IPO subscription period opened on August 28 and closed on September 1. Share allotment took place on September 2, and unused funds were unlocked on the same day as the strong stock listing.