The upcoming initial public offering (IPO) of the National Stock Exchange (NSE) could deliver a major windfall to its public-sector shareholders, with 10 PSUs potentially making a combined profit of around Rs 12,802 crore by selling their shares at the upper end of the IPO price band.
Pegged at Rs 22,561.57 crore, the IPO is entirely an offer for sale (OFS), with existing shareholders proposing to sell up to 12.64 crore equity shares. The issue will open for subscription on September 17, 2026, and close on September 21, with NSE shares scheduled to debut on September 24.
According to the Red Herring Prospectus (RHP), 20 shareholders are participating in the OFS, of which 10 are public-sector entities. These are State Bank of India (SBI), The New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, United India Insurance Company, Oriental Insurance Company, National Insurance Company and Indian Bank.
PSUs could unlock Rs 12,811 crore
Based on the maximum number of shares proposed to be sold by these 10 public-sector shareholders and assuming the OFS is priced at the upper end of Rs 1,785, the entities could collectively generate around Rs 12,811.37 crore in proceeds.
The combined acquisition cost of these shares, based on the weighted average costs disclosed in the RHP, is only around Rs 9.20 crore. This translates into a potential profit of approximately Rs 12,802.17 crore, before accounting for applicable taxes.
The calculations assume that each shareholder sells the maximum number of shares indicated and that the shares are sold at Rs 1,785 apiece. Actual proceeds and gains could differ depending on the final number of shares sold and the eventual offer price.
