NSE IPO may shrink to ₹25,000-27,000 crore as investors pull back from OFS
The National Stock Exchange (NSE) is reportedly reducing its IPO size to approximately ₹25,000-27,000 crore due to some shareholders withdrawing from the Offer For Sale. The listing is expected to proceed in late September, aiming to attract retail investors with a revised price band.
Why it matters
The NSE IPO is a significant event for the Indian capital markets, and its reduced scale reflects shifting investor sentiment and valuation strategies.
The size of the National Stock Exchange (NSE) IPO may shrink with the Offer For Sale (OFS) likely to be cut to 5.2-5.5%, from the 6% planned earlier, as some shareholders have backed out of the sale, people familiar with the matter said on Wednesday (September 9, 2026).
The reduced OFS could bring down the overall issue size to ₹25,000-27,000 crore, compared with the earlier estimate of ₹30,000 crore. At this size, NSE may fall short of becoming India's largest-ever public offering. Hyundai Motor India's IPO, at ₹27,870 crore, currently holds the record.
“The reduction in the OFS size is understood to be driven by some shareholders choosing not to sell during the IPO, as they believe they could command a better valuation by selling their stake at a later stage,” the people familiar with the matter said.
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