NSE IPO: SBI splits stake sale of 2.47 crore shares; SBICAPS to offload up to 88 lakh shares

SBI Capital Markets (SBICAPS), a wholly owned subsidiary of State Bank of India (SBI), has joined the list of selling shareholders in the proposed initial public offering (IPO) of National Stock Exchange of India (NSE). The change was disclosed in a notice to investors through an addendum to NSE’s draft red herring prospectus (DRHP) dated June 17, 2026.

Under the revised shareholding structure, SBICAPS will offload up to 87.80 lakh NSE shares in the IPO. These shares were previously included in SBI’s proposed stake sale.

SBI will now sell up to 1.59 crore NSE shares, while SBICAPS will divest up to 87.80 lakh shares. Together, the two SBI group entities will remain the largest selling shareholder, offering around 2.47 crore shares.

The restructuring does not alter the overall offer size of the NSE IPO and only changes the allocation of shares between SBI and its wholly owned subsidiary.

SBICAPS is also one of the book-running lead managers for the NSE IPO. The filing clarified that its participation as a selling shareholder is separate from its role in marketing the offer in its capacity as a book-running lead manager.

According to NSE’s DRHP filed in June, the proposed IPO will be entirely an offer for sale (OFS) comprising 14.89 crore equity shares. Existing shareholders will collectively dilute nearly 6% of NSE’s equity through the offering. The exchange has around 1.8 lakh shareholders.

The OFS will see several prominent institutional investors pare their stakes in the exchange. While Life Insurance Corporation of India (LIC), one of NSE’s largest shareholders, has opted not to participate in the IPO, several domestic financial institutions and global investors will monetise part of their holdings.

Apart from SBI, Mauritius-based MS Strategic plans to offload around 1.6 crore shares, while Canada Pension Plan Investment Board (CPPIB) is looking to sell nearly 1.19 crore shares.

Among other major shareholders participating in the OFS, Aranda Investments (Mauritius) will divest about 1.12 crore shares, while Bank of Baroda and Stock Holding Corporation of India will each sell around 1.1 crore shares.

Public-sector insurers are also reducing their holdings, with General Insurance Corporation of India (GIC Re) and New India Assurance each offering more than one crore shares. National Insurance Company and United India Insurance Company will each sell around 60 lakh shares as part of the offering.

The National Stock Exchange (NSE) is aiming to launch its long-awaited IPO in September, with the issue size expected to be around ₹30,000 crore, industry sources told Fortune India. The IPO is likely to value India’s largest stock exchange at more than ₹5 lakh crore.

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