CNBC-TV18 Exclusive | NSE IPO: Who's selling in India's most anticipated listing

India's largest stock exchange, the National Stock Exchange of India (NSE), is inching closer to its long-awaited initial public offering (IPO), and early indications suggest a broad-based exit by several marquee shareholders via the offer-for-sale (OFS) route.

Sources indicated to CNBC-TV18 that multiple institutional investors are preparing to partially monetise their holdings as the exchange moves towards what could be one of India's biggest IPOs.

Key sellers emerge

According to sources, among the prominent names, Stock Holding Corporation of India is expected to offload around 0.44% stake in the IPO. Stock Holding Corporation of India currently owns 4.4% in NSE, implying a partial dilution.

At an assumed valuation of ₹5 lakh crore, the sale could fetch roughly ₹2,200 crore.

Notably, Stock Holding Corporation of India itself has a strong government-linked ownership structure, with IFCI holding a 52.66% stake in the entity.

Meanwhile, insurance giant Life Insurance Corporation of India (LIC) is also likely to be a key seller, with plans to divest over 1% stake. LIC is currently the largest shareholder in NSE with a 10.7% holding, making its participation critical to the size and success of the offering.

Broader shareholder exit likely

Sources further indicate that a wider set of institutional investors could participate in the OFS. These include:

New India Assurance

GIC Re

ChrysCapital

Temasek Holdings

IPO structure and significance

The NSE IPO is expected to be executed via the OFS route, meaning no fresh capital will be raised by the exchange, and proceeds will go to selling shareholders.

The listing marks a significant milestone for the exchange, which has been attempting to go public for nearly a decade.