NSE’s unlisted shares fall from ₹2,075 to ₹1,885:New investors cannot participate in OFS; IPO expected in June

Amidst news of NSE’s IPO, its unlisted shares have fallen from a high of ₹2,075 to ₹1,885. The reason for this is SEBI’s rule under which only those investors can sell shares in the IPO who have held shares for at least one year. IPO of over ₹20,000 crore, will be entirely OFS NSE wants to raise over ₹20,000 crore through its IPO. This will be entirely an Offer For Sale (OFS), meaning NSE itself will not raise any fresh capital. All the proceeds will go to existing shareholders who want to sell their stake. NSE will sell approximately 4% to 4.5% equity through this route. The Draft Red Herring Prospectus is expected to be filed by June. New investors will not be able to participate in OFS According to SEBI, to sell shares in OFS, an investor must have held shares for at least one year before the draft papers are filed. This means only buyers from before June 2025 can participate. Investors who buy shares from the unlisted market today will not be able to sell shares in the IPO. Shareholders will also have to give their consent by April 27 to participate in the OFS. Unlisted shares falling due to 3 reasons 1.8 lakh shareholders increased complexity NSE’s shareholder base has grown rapidly in one year. Where there were 39,000 investors at the beginning of 2025, by the end of the year it increased to over 1.8 lakh. Due to such a large and scattered base, the OFS process has become complex. The exchange has appointed a large team of bankers and legal advisors to handle this entire process. What is the risk for investors? The biggest uncertainty for shareholders is regarding the price, as the final price will be determined through the book-building process. Additionally, if the offered shares are not completely sold, a 6-month lock-in period may be applicable on the remaining shares after listing. Knowledge Part: