NSE Files Updated DRHP, Cuts IPO Size To About Rs 23,000: Know Latest GMP, Other Details

The National Stock Exchange (NSE) on September 9 filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) and the stock exchanges, according to a Moneycontrol report citing sources.

The report added that the issue size is now expected to be around Rs 23,000 crore, compared with the roughly Rs 30,000 crore offering envisaged in its original DRHP filed in June.

The IPO will remain entirely an offer-for-sale (OFS), meaning NSE itself will not receive any proceeds from the share sale. The original DRHP had proposed an OFS of 14.89 crore shares, representing around 6 per cent of the exchange’s equity.

According to sources cited by Moneycontrol, some of the public-sector insurers that are participating

in the IPO have scaled back their proposed stake sales. GIC Re had originally offered up to 1.066 crore shares, while New India Assurance had proposed to sell 1.05 crore shares. National Insurance Company and United India Insurance Company had each planned to sell 60 lakh shares. Together, the four insurers had proposed to offload around 3.37 crore NSE shares.

MS Strategic (Mauritius) Ltd, an entity linked to Morgan Stanley, has also reduced its proposed sale, sources told Moneycontrol. Its original offer was for 1.60 crore shares.

The reduction in the OFS comes even as the IPO is attracting significant institutional interest. According to sources cited in the report, the institutional book has received interest of around Rs 85,000 crore, indicating strong demand among large investors.

The updated filing marks another major step towards NSE’s much-awaited stock market debut. The exchange first initiated the IPO process nearly a decade ago, but its listing has been delayed for several years.