Big-ticket IPOs come into fashion again:Indian stock market begins preparation for the largest IPO ever

The National Stock Exchange of India has filed its draft red herring prospectus (DRHP) on Wednesday to launch an Initial Public Offering (IPO) of up to 14,89,05,525 equity shares, setting the stage for the country’s largest corporate market debut worth an estimated ₹30,000 crore. India’s largest IPO: The proposed offering is set to surpass the ₹27,859 crore public market debut of Hyundai Motor India in October 2024 to become the biggest initial public offering in Indian history. Overcoming challenges The mega public issue by the country’s largest stock exchange marks the culmination of a multi-year effort to list its shares on BSE, overcoming an array of regulatory roadblocks that previously stalled its listing ambitions. SBI, BoB to sell stake The State Bank of India plans to divest the largest block of shares, offloading 24.75 million shares. MS Strategic (Mauritius) Limited follows as the second-largest seller with a proposed sale of 16.00 million shares, while the Canada Pension Plan Investment Board intends to offload 11.87 million shares in the public market. Banks, insurance companies to sell stake Other major financial institutions trimmed their ownership through the offer for sale. Aranda Investments (Mauritius) Pte. Ltd. listed 11.25 million shares for divestment, followed closely by the Bank of Baroda with 10.98 million shares and the Stock Holding Corporation of India Limited with 10.89 million shares. State-backed insurers also joined the vendor list, with the General Insurance Corporation of India proposing a sale of 10.66 million shares, and The New India Assurance Company Ltd. liquidating 10.50 million shares. National Insurance Company Limited and United India Insurance Company Limited both offered 6.00 million shares each for sale.