NSE's big-bang IPO: The big investors looking to sell, and the one that plans to stay on

NSE is set to file its DRHP this week for a long-awaited IPO, structured entirely as an Offer for Sale (OFS) with no fresh equity issuance, at an expected valuation of ₹5.14 trillion. Over a dozen domestic PSU shareholders—SBI, Bank of Baroda, Indian Bank, GIC, New India Assurance, Oriental Insurance, National Insurance, ICICI Lombard, SHCIL—along with foreign investors CPPIB, Temasek, Crown Capital, Omers, ChrysCapital, and TA Associates plan to sell around 10% of their respective stakes. LIC, NSE's single-largest shareholder at 10.72%, is likely to retain its stake, with the total issue size expected at approximately 6% of NSE's equity capital.