NSE IPO 2026: OFS Window Opens, April 27 Deadline Key for Shareholders; Check Eligibility, Lock-in Rules

The National Stock Exchange of India (NSE) has officially opened the participation window for its much-anticipated initial public offering (IPO), marking a major step toward its long-awaited stock market debut. The IPO will be entirely structured as an offer-for-sale (OFS), allowing existing shareholders to offload part of their holdings.

NSE IPO: One of Largest IPO in India Coming

The development is being closely watched across financial markets, as the IPO could potentially raise over Rs 20,000 crore, making it one of the largest public offerings in India.

Who Is Eligible for NSE IPO OFS? Key Rules Before April 27 Deadline

NSE has laid down strict eligibility requirements for shareholders willing to participate in the OFS. Only those investors who have held fully paid-up NSE shares continuously since June 15, 2025, will be allowed to tender their equity.

This rule aligns with the one-year holding requirement mandated by the Securities and Exchange Board of India (SEBI) before the filing of the draft red herring prospectus (DRHP).

Additionally, shareholders must submit their expressions of interest by April 27, 2026, before 5 PM. The deadline is final, and any attempt to acquire shares now will not make new investors eligible for participation in the IPO.

NSE IPO Lock-in Rules and Restrictions for Sellers

NSE has also introduced strict post-listing conditions. Any shares that remain unsold during the OFS will be subject to a six-month lock-in period after listing.

Furthermore, shareholders who choose to sell their holdings in the OFS will not be allowed to participate in the IPO as investors. This restriction ensures fairness and prevents double participation in the offering.

In preparation for the IPO, NSE has assembled an extensive advisory network. The exchange has appointed 20 merchant bankers - the highest ever for an IPO in India - along with eight law firms and several other intermediaries.

This surpasses the previous record set during the listing of ICICI Prudential AMC in 2025, which had 18 merchant bankers.

The large number of advisors highlights the complexity of the IPO, driven by NSE's vast and diverse shareholder base as well as the scale of the transaction.

NSE IPO Structure: 4-4.5% Stake Sale via OFS, Pricing Through Book-Building

The IPO is expected to involve the sale of approximately 4% to 4.5% of NSE's total equity. As an OFS, the proceeds will go to existing shareholders rather than the company itself.

The final pricing of shares will be determined through the book-building process, based on investor demand and market conditions at the time of listing.

DRHP Filing and Timeline

Following the completion of the OFS participation process, which is expected to take over a month, NSE plans to file its DRHP with SEBI by the end of May or early June 2026.

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