State Bank of India (SBI) is set to be the largest shareholder participating in the National Stock Exchange of India Ltd.'s (NSE) proposed initial public offering (IPO), according to the draft red herring prospectus (DRHP). SBI plans to sell a portion of its stake through an offer for sale (OFS).
In contrast, Life Insurance Corporation of India (LIC), the NSE's biggest shareholder, does not intend to tender any shares in the OFS. The DRHP reveals that LIC will retain its entire holding in the exchange.
The NSE's IPO is expected to be one of the largest in India, with the OFS allowing existing shareholders to sell their stakes. Other major shareholders, including foreign investors, may also participate, but the exact details of their plans are still emerging.
