NSE IPO Latest Updates: Exchange to freeze ISIN from September 11; no offline share transfers allowed until listing

Under the proposed NSE IPO, Indian Bank is looking to sell up to 15 lakh NSE shares through an Offer for Sale (OFS), representing 17.91% of its holding in the exchange.

New India Assurance plans to divest 1.05 crore NSE shares, equivalent to 29.83% of its holding, while Bank of Baroda is proposing to sell up to 76.90 lakh shares, or 35% of its NSE stake. The proposed stake sales are subject to regulatory approvals and other applicable conditions.

According to disclosures, Bank of Baroda received a dividend of ₹76.90 crore from NSE for FY26, while Indian Bank received a dividend of ₹29.32 crore from the exchange during the same financial year.

NSE said that, in accordance with applicable law, equity shares held by pre-IPO shareholders of the company, except to the extent exempt, will be subject to a lock-in. The lock-in will begin from the date of allotment of equity shares in the IPO and continue for the period prescribed under applicable law.

The exchange has asked all shareholders to take note of the notification and support the company during the IPO process.

As part of the IPO process, NSE said its equity shares are required to be unencumbered and free from being pledged.

The exchange has therefore requested shareholders to refrain from creating any pledges over the company’s equity shares from September 11 until the date of listing.

During the freeze period, no transfers, including off-market transactions, of NSE shares will be permitted without the corresponding corporate action and supporting documentation.

The National Stock Exchange of India (NSE) has announced that it will initiate the freezing of its ISIN in the depository system from Friday, September 11, 2026, in connection with the proposed initial public offering (IPO) of its equity shares.

In a notification to shareholders, NSE said its ISIN INE721I01024 will remain frozen until the listing and commencement of trading of the company’s equity shares.

The move is being undertaken as part of the procedural requirements related to the proposed IPO and in accordance with the applicable NSDL and CDSL circulars.

The NSE IPO is likely to open for public subscription on September 18 and close on September 22, while the shares are likely to be listed on September 25, sources said. The listing is targeted before the ‘Pitru Paksha’ period begins on September 26.

The IPO price band is expected to be in the range of ₹1,700-1,785 per share, compared with the earlier estimate of ₹2,000 per share.

Indian Bank is proposing to divest up to 15 lakh equity shares of the National Stock Exchange of India (NSE) through an Offer for Sale (OFS) as part of the exchange’s proposed Initial Public Offering (IPO).

The proposed stake sale represents 17.91% of Indian Bank’s shareholding in NSE and remains subject to the requisite regulatory approvals, the bank said in an exchange filing on Wednesday.

As part of the OFS process, the consent letter for the proposed transaction was executed on September 9, 2026. The stake sale is expected to be completed by the end of September 2026, subject to the proposed NSE IPO and applicable approvals.

According to the disclosure, Indian Bank had received a dividend of ₹29.32 crore from NSE for FY26.

Bank of Baroda is proposing to divest up to 76,90,375 equity shares, representing 35% of its shareholding in the National Stock Exchange of India (NSE), through an Offer for Sale (OFS) as part of the exchange's proposed Initial Public Offering (IPO).

In an exchange filing on Tuesday, September 8, the bank said the proposed stake sale is subject to all applicable regulatory approvals.

As part of the OFS process, the equity shares have been transferred to an escrow account on September 8, 2026. The sale is expected to be completed by the end of September 2026, as indicated by NSE.

The NSE IPO GMP today is ₹226, ₹29 lower than the NSE IPO GMP of ₹255. The NSE IPO GMP was ₹285 when SEBI gave its approval to the most-awaited public issue. So, NSE IPO GMP has fallen from ₹285 to ₹226 in the last four days.

Market observers believe the start of the lock-in period for pre-IPO investors and weak sentiment in the secondary market could be the reasons for this drop in the NSE IPO GMP. They predicted a positive revival in the grey market sentiment once the NSE IPO price band is declared.

NSE’s path to the market has been one of India’s longest-running corporate sagas. The exchange first filed its IPO papers in 2016, but its listing plans were derailed by the co-location controversy, in which certain brokers were accused of receiving preferential access to NSE’s systems.

The IPO was subsequently shelved amid a leadership overhaul. In September 2024, Sebi closed proceedings in the co-location case against NSE and its officials, citing a lack of evidence.

NSE’s IPO plans gained momentum in January 2026 after the exchange, under new management, reached a settlement with Sebi and received approval to refile its papers. It filed its draft IPO documents on June 17 and received Sebi’s final observations last week.

In fiscal 2026, total fund mobilisation of ₹20.33 trillion was raised through NSE’s platform. Investors using the exchange span more than 99% of Indian postal codes as of March 31, 2026, highlighting the broad reach of NSE and its role in democratising access to financial opportunities, as per the DRHP report.

As of March 31, 2026, NSE supported 253.66 million registered investor accounts, 1,325 trading members, 129.09 million unique registered investors and 2,978 listed entities. The listed entities on the exchange had a combined market capitalisation of ₹411.25 trillion.

Morgan Stanley, Temasek Holdings Pte, State Bank of India, Stock Holding Corporation of India Ltd., General Insurance Corp. of India, New India Assurance Co. Ltd., National Insurance Co. Ltd. and Oriental Insurance Co. are among the shareholders selling stakes in the offering, as per the DRHP.

The cut in the NSE IPO size also raises questions about a busy listings pipeline that includes Jio Platforms Ltd. progressing toward what could be one of the country’s biggest-ever IPOs.

First-time share sales in the country have raised almost $10 billion so far in 2026, compared with more than $20 billion in each of the previous two years that both set records, according to Bloomberg data.

NSE shares, which closed for off-market transfers on 8 September ahead of the IPO, last traded at ₹2,045 apiece, according to UnlistedZone.com, a platform that facilitates transactions in unlisted shares.

The NSE IPO price band is likely to fall in the range of ₹1,700- 1,785 per share, against an earlier estimate of ₹2,000 per share.

The Mumbai-based stock exchange is looking to make the issue more attractive with pricing being structured to provide greater participation and benefit to small investors in the OFS.

Amid the buzz around the National Stock Exchange (NSE)’s initial public offering (IPO), the stock market exchange may cut the issue size. The proposed dilution of shares by existing shareholders could fall from 6% to 5.2%-5.5%, reported PTI citing sources on Wednesday.

The reduction in OFS could bring down the overall NSE IPO issue size to ₹25,000-27,000 crore, against earlier estimate of ₹30,000 crore

The New India Assurance Company on Wednesday, 9 September, said it will divest 1.05 crore shares of the National Stock Exchange of India (NSE) through the proposed NSE IPO.

The proposed divestment represents 29.83% of the total shares held by the company in the National Stock Exchange of India. The New India Assurance Company will offload its NSE shares in an offer for sale, which, as per reports, is to be launched this month.

Bank of Baroda has proposed to divest up to 76.90 lakh equity shares, representing 35% of its shareholding in the National Stock Exchange of India (NSE), through an Offer for Sale (OFS) as part of the exchange's proposed Initial Public Offering (IPO).

In an exchange filing on Tuesday, September 8, the Bank of Baroda said the proposed stake sale is subject to all applicable regulatory approvals.

"We advise that the Bank of Baroda is proposing to divest upto 76,90,375 equity shares, being equivalent to 35% of the shares held by the Bank in National Stock Exchange of India Limited (NSE), by way of Offer for Sale through Initial Public Offering, subject to all regulatory approvals," the bank said in its filing on Tuesday.

Post-listing NSE will be top 10 among India's largest companies in terms of market cap, which will garner huge interest from the market. At an expected price-to-earnings valuation of around 35 times, the IPO would provide investors with headroom (for gains) after listing.

Deven Choksey, managing director of fund and wealth manager at DRChoksey FinServ told Reuters

In informal meetings, large prospective investors, including Indian mutual funds, indicated they would be comfortable buying shares at around 1,800 rupees apiece, the sources said, adding that the formal price band is likely to be set near that level.

At that price, NSE will be valued at $47 billion. Rival BSE has seen its shares surge 28-fold since going public in 2017.

Among the key selling shareholders, State Bank of India is set to offload up to 24.8 million shares, while MS Strategic (Mauritius) Limited will sell up to 16 million shares.

Other major shareholders participating in the OFS include Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Ltd, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company and United India Insurance Company, according to a PTI report.