Institutional shareholders collectively held 36.82% of NSE before the IPO, but have tendered shares representing only 5.11% of NSE’s equity through the OFS. This means they continue to hold 31.71% of NSE, or roughly 86% of their pre-IPO holding, even after the IPO.
NSE IPO: Large shareholders largely hold on
Among the biggest shareholders, the reduction in holdings has been particularly limited:
| Shareholder | Pre-OFS | Post-OFS | Retained |
| Aranda Investments: | 4.54% | 4.09% | 90% |
| Stock Holding Corporation of India | 4.44% | 4.19% | 94% |
| SBI Capital Markets | 4.33% | 3.98% | 92% |
| Mahagony | 3.73% | 3.61% | 97% |
| Crown Capital | 2.07% | 1.83% | 88% |
| TA Asia Pacific | 1.38% | 1.30% | 94% |
These four large institutional shareholders — Aranda, Stock Holding, SBI Capital Markets and Mahagony — have, on average, reduced their holdings by only around 7%, according to the shareholding data.Among other foreign investors, Crown Capital has offered around 11% of its pre-OFS holding, while TA Asia Pacific has sold only around 6% of its holding.
Institutions keep NSE exposure
The institutional selling is therefore significantly smaller than the stakes these investors held before the IPO. The nine foreign institutional investors participating in the OFS collectively held 15.96% before the IPO, while 11 domestic institutions held 20.86%.
The pattern effectively allows existing shareholders to monetise a portion of their investments while continuing to retain substantial exposure to NSE.
This is particularly notable given the size of the IPO. NSE’s issue is entirely an OFS of 12.64 crore shares, with a price band of ₹1,700–₹1,785, implying an issue size of about ₹22,562 crore at the upper end. NSE itself receives no proceeds from the offer.
IPO demand remains strong
The limited selling by existing institutional shareholders comes alongside strong investor demand for the IPO. The issue closed with 5.71x overall subscription, while the QIB portion was subscribed nearly 12.7x.
The key takeaway: Existing institutional investors have used the NSE IPO to partially monetise their holdings, but the data shows that many of the large shareholders have held on to the overwhelming majority of their pre-IPO stakes, preserving substantial exposure to NSE’s future listed value.
Also Read: NSE IPO: Exchange makes highest-ever retail allocation of ₹7,800 crore