New Delhi: The National Stock Exchange (NSE) has formally initiated steps for its long-awaited initial public offering (IPO), reaching out to existing shareholders to gauge their interest in participating via the offer for sale (OFS) route, according to sources.

In a communication to investors, the NSE invited expressions of interest (EOI) from shareholders willing to sell part or all of their holdings as part of the proposed IPO. Shareholders have been asked to submit their responses by 5 pm on April 27, signalling their intent to participate.

“In your capacity as a shareholder, you may choose to tender equity shares held by you, in part or in full, for sale in the IPO, subject to the terms and conditions set out in the OFS notice,” the exchange said.

Framework for shareholder participation

The NSE has circulated EOI forms and related documents detailing the framework, conditions, and participation process for the OFS. Shareholders opting to participate will have the option to tender their shares either fully or partially, in line with the specified terms.

The move marks a renewed momentum in NSE’s IPO plans, as the exchange begins identifying potential selling shareholders ahead of the public listing.

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Merchant bankers and legal advisors

Earlier, the NSE appointed 20 merchant bankers to manage the IPO – the largest number of bankers ever selected for a public issue in India. Major investment banks on the list include Kotak Mahindra Capital, SBI Capital Markets, JPMorgan, and Citigroup.

The exchange has also appointed eight law firms, including domestic firms Cyril Amarchand Mangaldas and Trilegal, alongside US-based Latham & Watkins, with other intermediaries such as MUFG Intime and consultancy firm Redseer supporting the IPO.

For context, the ICICI Prudential AMC IPO in 2025 previously involved the highest number of bookrunners for an Indian public offering, with 18 bankers.

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Regulatory approval

The NSE received SEBI approval for its IPO in January 2026. At the time, NSE Chairperson Srinivas Injeti said, “We are delighted to receive SEBI approval for our IPO — a significant milestone in our growth journey. With SEBI’s approval, we embark on a new chapter of value creation for all our stakeholders.”

The upcoming IPO is expected to be one of the largest in India’s capital markets and is closely watched by investors and market participants across the country.

IANS