India's market infrastructure has evolved beyond mere equities; it's now a multi-layered ecosystem that provides everything from equities to energy. What began with ancient institutions like the Bombay Stock Exchange and the rise of the&nbsp;<a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange</a> has now expanded into specialized exchanges across asset classes.&nbsp; While the BSE laid the groundwork the NSE continued to redefine its scope particularly in derivatives where it now ranks among the largest companies in the world. But the real transformation is what happened next. India didn't stop at stocks. It goes beyond that. <ul><li>Commodity markets have found a structure through the Multi Commodity Exchange and the National Commodity and Derivatives Exchange to allow investors exposure beyond traditional financial instruments.&nbsp; These platforms dominate commodity trading today and reflect the fact that diversification has become an essential element of modern investment portfolios. </li></ul> Then came the energy. With platforms such as the Indian Energy Exchange and the Hindustan Energy Exchange electricity itself has become tradable thus shifting the dynamics of supply and demand in the direction of real-time price , price discovery. Perhaps the most important milestone was India's entry into gas trading with the Gas Exchange of India signaling a move towards building a transparent market-driven energy economy. Even global access has been simplified.&nbsp; Through exchanges such as the International Stock Exchange of India, Indian investors and institutions can now connect to international markets without having to move out of the country. The bigger picture? The Indian stock market ecosystem is no longer just about trading but about enabling price discovery across the entire economy. From equities to raw materials from energy to gas each layer reflects one thing: A market that is deeper, smarter and more interconnected than ever before.

India's market infrastructure has evolved beyond mere equities; it's now a multi-layered ecosystem that provides everything from equities to energy. What began with ancient institutions like the Bombay Stock Exchange and the rise of the National Stock Exchange has now expanded into specialized exchanges across asset classes.  While the BSE laid the groundwork the NSE continued to redefine its scope particularly in derivatives where it now ranks among the largest companies in the world. But the real transformation is what happened next. India didn't stop at stocks. It goes beyond that. Commodity markets have found a structure through the Multi Commodity Exchange and the National Commodity and Derivatives Exchange to allow investors exposure beyond traditional financial instruments.  These platforms dominate commodity trading today and reflect the fact that diversification has become an essential element of modern investment portfolios. Then came the energy. With platforms such as the Indian Energy Exchange and the Hindustan Energy Exchange electricity itself has become tradable thus shifting the dynamics of supply and demand in the direction of real-time price , price discovery. Perhaps the most important milestone was India's entry into gas trading with the Gas Exchange of India signaling a move towards building a transparent market-driven energy economy. Even global access has been simplified.  Through exchanges such as the International Stock Exchange of India, Indian investors and institutions can now connect to international markets without having to move out of the country. Guess what? The bigger picture? The Indian stock market ecosystem is no longer just about , about trading but about enabling price discovery across the entire economy. From inventories to raw materials from energy to gas each layer reflects one thing: A market that is deeper, smarter and more interconnected than ever before.

From Asia's oldest stock ecxchange to India's first gas trading platform

Exchanges of India

​ <a target="_blank" href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a> has received in-principle approval from SEBI for its ₹11,000 crore ($1.3 billion) IPO, clearing the single biggest regulatory hurdle before a public listing. ​The approval came via the confidential filing route using the same mechanism used by Swiggy, Groww, and Meesho before their respective listings which means Zepto filed its draft prospectus privately in December 2025 and received SEBI's feedback without making its financials public from the outset.​ Aadit Palicha and Kaivalya Vohra started Zepto in 2021, initially as KiranaKart a kirana-partnership grocery model. The pivot to dark stores changed everything. The company raised money at a pace that reflected how quickly the Indian quick commerce market was being defined. <ul><li>From a $1.4 billion unicorn valuation in August 2023, it rose to a $3.6 billion valuation in June 2024, then $5 billion by November 2024, and finally $7 billion after a $450 million round in October 2025. Total capital raised stands at over $2.3 billion to date. </li></ul> One structural step that doesn't get enough credit in most IPO coverage: Zepto completed its reverse flip from Singapore to India in January 2025. The company was originally incorporated in Singapore, with the Indian entity as a subsidiary. The NCLT approved Kiranakart Technologies, the Indian entity, to become the holding company of Zepto a prerequisite for any domestic public listing. CEO Aadit Palicha called it a historic milestone. CFO Ramesh Bafna called it "GharWapasi for the startup ecosystem." The substance behind the symbolism: this involved NCLT and Singapore court approval, a significant tax outlay whose exact amount hasn't been disclosed, and months of legal complexity. Completing it in what both founders called the "fastest-ever timeline" was genuinely an execution achievement. Financials:​<ul><li>Revenue for FY25 (year ended March 2025): ₹11,110 crore, up 149% year-on-year from ₹4,454 crore in FY24. That is genuinely one of the fastest revenue growth rates posted by any consumer internet company in India at this scale. </li><li>Net loss for FY25: ₹3,367.3 crore, expanding 177% year-on-year from ₹1,214.7 crore in FY24.</li></ul> The math here requires attention. Revenue grew 149%. Losses grew 177%. In FY24, Zepto was spending ₹1.29 to earn every ₹1 in revenue. That ratio has reportedly improved in FY25 with better unit economics, higher fill rates, and stronger contribution margins. But absolute losses still widened dramatically, because the company was simultaneously scaling up from 650 to 1,150+ dark stores and entering dozens of new cities, a spend cycle that shows up in losses before it shows up in revenue. On unit economics the per-order profitability picture that actually tells you whether the business model works, Zepto reports meaningful improvement.&nbsp; Average order value (AOV) is approximately ₹550. Gross margin per order is ₹50–70. Fulfilment cost per order is ₹35–45. That means a thin but positive contribution per order before fixed costs like dark store rent, technology, and marketing. Zepto has also stated that 75% of its dark stores are already EBITDA positive at the store level, and that new stores now reach breakeven in approximately 8–9 months, down from 23 months when the network was less dense. Management is targeting EBITDA breakeven at the company level within 12–15 months of the IPO. <ul><li>Zepto's annualised advertising revenue has crossed ₹1,000 crore. This is the retail media business where brands pay for sponsored listings and placements inside the Zepto app and it carries far higher margins than grocery sales. Second, Zepto Cafe, its freshly prepared food vertical, was nearing $100 million in GMV run-rate with approximately 50% gross margins. </li></ul> For context, grocery and FMCG margins typically run at 10–20%. Cafe margins at 50% represent a structurally different business sitting inside the same app. Zepto Pass, its ₹99/month subscription, had over 40 lakh subscribers contributing approximately ₹480 crore annually in FY25.

Zepto has received in-principle approval from SEBI for its ₹11,000 crore ($1.3 billion) IPO,

Zepto Gets SEBI Approval for $1.3 Billion IPO

Zepto, the Mumbai-based food delivery startup founded by two Stanford dropouts who were barely 19 when they founded the company has received in-principle approval from SEBI for its ₹11,000 crore ($1.3 billion) IPO.

Zepto Receives SEBI Approval for $1.3 Billion IPO Plan

In a significant development for India’s retirement investment landscape, <a target="_blank" href="https://www.planify.in/research-report/parag-parikh-financial-advisory/">PPFAS</a> Asset Management has received approval from the Pension Fund Regulatory and Development Authority (PFRDA) to sponsor a pension fund under the National Pension System (NPS). This marks the company’s formal entry into the pension fund management space, expanding its footprint beyond mutual funds into long-term retirement solutions.As part of this approval, PPFAS plans to establish a dedicated pension fund company that will manage the retirement savings of NPS subscribers. The move aligns with the firm’s broader strategy of offering disciplined, long-term investment products tailored to wealth creation and capital preservation. Known for its conservative and value-driven approach, the company is expected to apply similar principles while managing pension assets.The entry of PPFAS into the NPS ecosystem comes at a time when the sector is gradually opening up to more participants, encouraging competition and innovation. For investors, this translates into increased choice when selecting pension fund managers, which could potentially lead to improved fund performance and cost efficiencies over time.From an industry perspective, this development reflects the growing maturity of India’s retirement market. With more asset management companies entering the space, the NPS framework is evolving into a more competitive and robust platform for long-term savings. PPFAS is expected to invest across a diversified mix of asset classes, including equities, government securities, and corporate debt, with the objective of delivering sustainable returns over the long term.Overall, the approval underscores both regulatory support for expanding the pension ecosystem and rising interest among asset managers in tapping into India’s long-term retirement savings opportunity.

PPFAS Enters NPS Space After PFRDA Approval

When a consortium led by Blackstone, Aditya Birla and Kal Somani plunged $3.41 billion into RCB and Rajasthan Royals shares within days of each other, the grey market for Chennai Super Kings shares was quickly awakened. Let’s have a look, what the numbers actually say and what they don't.​It took less than 72 hours. When United Spirits Limited announced on March 24, 2026 that it had sold Royal Challengers Bengaluru to a consortium of Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone's BXPE for $1.78 billion, the Indian Premier League's financial architecture shifted overnight. Days earlier, a Kal Somani-led consortium had swept up Rajasthan Royals for $1.63 billion.&nbsp;In the pre-IPO market that lightly regulated, sentiment-driven grey zone where Chennai Super Kings shares change hands in Demat accounts the response was immediate and sharp. <a target="_blank" href="https://www.planify.in/research-report/chennai-super-kings-cricket-limited/">CSK's unlisted share price</a>, trading around ₹248–255 before the deals broke, surged past ₹310–320. The rally: north of 25%, compressed into a few frenzied trading sessions.​The question worth asking isn't whether the rally happened. It did. The question is whether it means what the bulls think it means and whether the same logic that sent RCB and Rajasthan Royals past the billion-dollar mark actually applies to a franchise that trades in an opaque private market, carries a significant earnings dependency on one revenue stream, and is yet to signal any IPO intent.​CSK is a more successful franchise with stronger brand value than both its peers. It should command a premium, not a discount. Let's start with the number that puts this whole story into perspective. In 2008, India Cements bought the Chennai Super Kings for $91 million.&nbsp; N. Srinivasan probably celebrated with filter coffee. This March, Blackstone, the world's largest alternative asset manager, a firm that buys office towers and data centres signed papers to co-own Royal Challengers Bengaluru for $1.78 billion. The same week, a consortium led by Kal Somani, an America-based entrepreneur most people in Indian finance had never heard of before 2025, paid $1.63 billion for Rajasthan Royals. Two deals. One week. $3.41 billion. The RCB transaction alone exceeded the combined price paid for the other Lucknow and Ahmedabad concessions franchises when the BCCI sold those two slots in 2021. The grey market reacted the way grey markets always do when large numbers appear nearby quickly and without nuance. CSK unlisted shares surged over 25% in a single week, pushing the franchise toward a record-breaking implied valuation. From roughly ₹242 per share before the deals were announced, the stock ran to ₹306–320, touching a 52-week high of ₹313. Demand for CSK shares rose sharply, with investor enquiries increasing roughly 20% in just a few days. On the surface, the logic is clean: two comparable IPL assets just got valued at $1.6–1.8 billion each. CSK is arguably a stronger franchise than both. It trades at roughly ₹11,000–12,000 crore market cap, which is somewhere around $1.3 billion. Therefore it's a cheap Buy. <div style="margin-left:0pt"><table><tbody><tr><td>Franchise</td><td>Buyer Consortium</td><td>Valuation</td><td>INR Equivalent</td></tr><tr><td>Royal Challengers Bengaluru</td><td>Aditya Birla, Times, Bolt, Blackstone</td><td>$1.78 Bn</td><td>₹16,660 Cr</td></tr><tr><td>Rajasthan Royals</td><td>Kal-Somani led Consortium</td><td>$1.63 Bn</td><td>₹15,300 Cr</td></tr><tr><td>Gujarat Titans</td><td>CVC Capital Partners Exit</td><td>$800 Mn</td><td>₹7,500Cr </td></tr><tr><td>CSK</td><td>Grey market pricing (₹310-312/sh)</td><td>$1.3Bn</td><td>₹11,500 - 12,000 Cr</td></tr></tbody></table></div> <h2 style="line-height: 1.38;text-align: justify">Why CSK Moves When Others are Sold?</h2>CSK is the only IPL franchise actively traded in the unlisted market, a direct consequence of its demerger from India Cements. Every other IPL franchise is either privately held in its entirety, owned by a listed company where cricket is a footnote in the annual report, or both. When institutional capital wants to take a view on the IPL as a financial asset class&nbsp; and increasingly, it does, CSK unlisted shares are the only instrument available. The current rally highlights how scarcity of investable assets combined with strong brand value can drive sharp price movements. This scarcity premium is real and it matters. It also means that CSK's grey market price is only partially a reflection of what the business is worth. It is also a reflection of the fact that there is nothing else to buy. When Blackstone signals that sports franchises belong in an institutional portfolio, the money that can't buy RCB or Mumbai Indians flows directly into CSK unlisted the only door that's open. That dynamic inflates the price beyond pure fundamentals, and it will continue to do so until either another franchise becomes tradeable or CSK itself lists. <h2 style="line-height: 1.38;text-align: justify">The Franchise Scoreboard Actually Favours CSK</h2>The gap between CSK's implied private-market cap and RCB's transaction price roughly $480 million, or about 27% is exactly the "30% discount" that unlisted market participants are now screaming about. The logic is seductive: CSK has won five IPL titles versus RCB's one, carries a higher win percentage (59.83%), has a more diversified commercial base, and crucially&nbsp; has been profitable for consecutive years. Why should a less decorated, freshly-title-winning franchise command a higher valuation? The bulls aren't wrong when they argue the discount to RCB is hard to justify on merit. Let’s look at what one of the most detailed recent evaluations the Media Partners Asia Composite Scorecard actually found. Mumbai Indians came out on top with 360 out of 400 points, followed by Chennai Super Kings in second place with 320 points. Royal Challengers Bengaluru ranked fourth with 230 points, largely due to having just one title in 18 seasons, limited international presence, and a heavy dependence on a single star player. Read that again. The franchise that just fetched $1.78 billion the most expensive IPL franchise ever sold ranks fourth on an objective scorecard. The franchise that's currently trading at a 27–30% discount ranks second. Experts believe that CSK should command a 5-10% premium over RCB, that would fetch close to ₹18,000 crore, given its brand heritage, consistent performance and track record in the world's biggest T20 league. At ₹18,000 crore, this represents an increase roughly around 50–55% upside over current prices. But the Financials Tell a More Complicated Story. Before you reach for the buy button on your unlisted broker's app, it's worth sitting with the actual numbers for a moment. CSK reported total revenue of ₹644 crore, operating profit of ₹252.10 crore, and net profit of ₹180.94 crore for FY25. That's a solid business near-zero debt, ₹336 crore in cash on the balance sheet, a 1,000% dividend declared for the year. For a sports franchise, this level of consistent profitability is genuinely rare. Most global sports businesses burn cash at extraordinary rates. CSK makes money every single year. But at ₹310–320 per share and roughly ₹11,500–12,000 crore market cap, you are paying approximately 63–66 times last year's earnings. That is not a cheap multiple by any standard and it comes with a revenue structure that is heavily concentrated. Revenue from BCCI central media rights stood at ₹493 crore in FY25, providing predictable, high-margin cash flows for the next 4–5 years. This equates to around 76 paise out of every rupee earned by CSK. The remainder comes from sponsorship (~14%) and competition and tournament-related revenues such as gate receipts and prize money (~10%). The concentration risk here is not theoretical. It is the single most important variable in the entire CSK investment thesis. Which brings us to the headwind that almost nobody is talking about loudly enough. <div style="margin-left:0pt"><table><tbody><tr><td>Metric</td><td>FY23</td><td>FY24</td><td>FY25</td></tr><tr><td>Total Revenue</td><td>₹450 Cr</td><td>₹695</td><td> ₹644</td></tr><tr><td>Operating Profit (EBITDA)</td><td>₹160 Cr</td><td>₹280 Cr</td><td>₹252 Cr</td></tr><tr><td>Net Profit (PAT)</td><td>₹110 Cr</td><td>₹190 Cr</td><td>₹180 Cr</td></tr></tbody></table></div> <h2 style="line-height: 1.38;text-align: justify">The Chennai Super Kings IPO Question</h2>Every conversation about CSK unlisted shares eventually arrives at the same destination: will it list on a public exchange? The honest answer from people who track this closely is not anytime soon, but not impossible either. The case for an eventual <a target="_blank" href="https://www.planify.in/research-report/chennai-super-kings-cricket-limited/">CSK IPO</a> is straightforward. CSK has one of the largest retail investor bases of any unlisted entity in India, a direct consequence of the 2018 demerger that distributed shares to India Cements' entire shareholder registry. Many of these holders are long-term retail investors with no other exit option. A public listing would give them liquidity and create genuine price discovery. For the franchise itself, an IPO would establish a reference valuation that could eventually be used for further strategic transactions. The case against is equally clear. CSK doesn't need money. It generates healthy cash flows, sits on a strong balance sheet, and has no apparent capital requirement that a public market could address. N. Srinivasan and India Cements have shown no indication of wanting to dilute their control. The franchise is a trophy asset and a closely-held power base. Absent a regulatory push, a succession event at India Cements, or a change in the promoter's strategic calculus, the IPO remains a tail scenario, something that could happen, but for which there is no current catalyst. Investors who price the present shares partly on IPO optionality are simultaneously buying a genuinely good business and a lottery ticket. That is fine, as long as they are honest with themselves about which part is which. <h2 style="line-height: 1.38;text-align: justify">Conclusion</h2>CSK is a genuinely exceptional sports franchise, arguably the most successful team in IPL history by on-field metrics, and one of the most commercially resilient. Its financials are clean: near-zero debt, ₹336 crore in cash, consistent profitability, and a resumed dividend. If you believe IPL franchises are converging on NFL/NBA-style valuations and that the scarcity of ten perpetual licenses sustains premium pricing regardless of earnings cycles, the discount to RCB is real and the re-rating thesis has merit. But the 25% grey-market surge that followed the RCB and RR deals is, at least in part, a sentiment-driven trade&nbsp; not a fundamental re-rating. The market has moved before the fundamentals have confirmed. The MPA report warning about flat media rights growth from 2028, the loss-making subsidiaries, the 63–66x trailing P/E, the structural illiquidity, and the absence of any IPO catalyst mean the risk/reward at ₹310–320 per share is materially less attractive than it was at ₹175 –200 a year ago.

CSK is a more successful franchise with stronger brand value than both its peers. It should command a premium, not a discount. Let's start with the number that puts this whole story into perspective. In 2008, India Cements bought the Chennai Super Kings for $91 million.

CSK Unlisted Shares Jump 25% on $3.4B IPL Deal

Garuda Aerospace IPO is something investors are closely watching, as the company continues to expand rapidly across multiple segments of the drone ecosystem.

Garuda Aerospace: Owning the Entire Drone Value Chain

The fourth meeting of the Committee of Creditors (CoC) of <a target="_blank" href="https://www.planify.in/research-report/vimla-fuels-metals-limited/">Vimla Fuels &amp; Metals Limited</a> provides a comprehensive view of the current status, challenges, and strategic direction of the Corporate Insolvency Resolution Process (CIRP). The discussions reflect a process that is progressing, albeit with delays, operational constraints, and governance concerns.A key highlight of the meeting is the financial position of the claims received. The total claims submitted stand at ₹207.45 crore, out of which ₹182.98 crore has been provisionally admitted, ₹19.13 crore rejected, and ₹5.33 crore remains under verification . This indicates a relatively stable creditor base with a high admission ratio, suggesting that most claims have been validated. However, the pending verification and rejected claims still introduce an element of uncertainty that could influence the final recovery outcomes.The structure of the CoC reveals a concentrated decision-making framework. With six financial creditors holding 100% voting rights—and major control resting with State Bank of India (41.92%) and Bank of Maharashtra (23.40%)—the process benefits from streamlined decision-making. At the same time, this concentration implies that the direction of the resolution process is heavily influenced by a small group of lenders.Operationally, the CIRP is active but facing delays. While several important steps have been completed—including the appointment of valuers and transaction auditors, asset inspections, and consolidation of records—there are still gaps in data availability due to limited cooperation from the suspended management. Site visits to multiple locations and the shifting of assets to a central plant indicate progress in securing the company’s resources, but also highlight earlier inefficiencies in asset tracking and control.Time remains a critical concern. The statutory 180-day CIRP period is nearing its end (4 April 2026), prompting the CoC to approve both an extension of 90 days and an exclusion of 63 days . This reflects delays caused by legal proceedings and operational hurdles, signaling that the resolution timeline is under pressure.In terms of resolution strategy, the CoC has adopted a pragmatic approach by approving relatively lower eligibility criteria for prospective resolution applicants. Entities with a turnover of ₹50 crore or a net worth between ₹5–10 crore are eligible to participate, along with a refundable deposit requirement of ₹10 lakh. This move is clearly aimed at widening the pool of bidders, suggesting that the asset may not attract large strategic investors and may instead appeal to mid-sized or opportunistic players.The condition of the company’s assets presents another layer of complexity. The existence of scattered inventory, incomplete records, and potential risks of pilferage underscores challenges in valuation and asset preservation. These issues could impact the confidence of potential bidders and, ultimately, the realizable value of the assets.Governance concerns further complicate the situation. The absence of suspended directors from the process and limited cooperation from the promoter group indicate a lack of alignment, which is often a red flag for investors. Additionally, the consideration of legal action against an associate company (Vimla Nextara) points to possible related-party issues and unresolved transactions that may need to be addressed.From a financial standpoint, the CIRP remains cost-sensitive. A contribution of ₹15 lakh has been requested from CoC members to cover ongoing expenses, reflecting the need for careful cost management as the process extends. Rising costs without commensurate progress could impact overall recoveries.In conclusion, the CIRP of Vimla Fuels &amp; Metals Ltd. is at a crucial juncture. While foundational steps such as claim verification, asset control, and process structuring are in place, the resolution now depends on timely execution, improved information flow, and successful attraction of credible bidders. The coming phase will be decisive in determining whether the process leads to a value-maximizing resolution or faces further delays and challenges.

Insights from the 4th CoC Meeting of Vimla Fuels & Metals Ltd.

According to the notice dated March 25, 2026 , <a target="_blank" href="https://www.planify.in/research-report/onix-renewables/">Onix Renewable Limited</a> is offering a Rights Issue of equity shares. The issue is scheduled to open on Thursday, April 2, 2026 , and close on Thursday, April 16, 2026. The offer is conducted for existing members only to meet financial requirements for working capital and capital expenditure. Key Details of the Rights Issue:<ul><li>The primary purpose of the offer is to raise capital by offering partly paid-up equity shares to eligible shareholders.</li><li>Total Shares Offered: To offer 10,92,71,764 partly paid-up equity shares of the company.</li><li>Face Value and Price: Each share has a face value of 10/- and is priced at 51/- per equity share, which includes a premium of 41/-.</li><li>Rights Entitlement Ratio: The shares are offered in the ratio of 1 equity share for every 1 equity share held by eligible shareholders on the record date.</li><li>Record Date: The Board of Directors fixed the record date as Monday, March 30, 2026.</li><li>Total Aggregate Amount: The total amount aggregating from the issue is 557,28,59,964/-.</li></ul>Payment Schedule for Rights Equity Shares: The following table outlines the payment terms for the partly paid-up shares:<table><thead><tr><td><div>DUE DATE</div></td><td><div>Face Value (₹)</div></td><td><div>Premium (₹)</div></td><td><div>Total (₹)</div></td></tr></thead><tbody><tr><td><div>On Application</div></td><td>5 </td><td>20 </td><td>25 </td></tr><tr><td><div>Final Call (as decided by Board)</div></td><td>5 </td><td>21 </td><td>26 </td></tr></tbody></table>

Rights Issue of Equity Shares: Onix Renewable Limited

The <a target="_blank" href="https://www.planify.in/research-report/national-stock-exchange/">National Stock Exchange of India</a> (NSE) has taken a significant step toward its long-awaited initial public offering (IPO) by initiating the process to identify selling shareholders through an Offer for Sale (OFS). This development signals renewed traction in the exchange’s listing plans after years of delay. Shareholders Invited for OFS ParticipationAs part of the IPO preparation, NSE has reached out to its existing shareholders, inviting them to express their willingness to participate in the OFS component. Shareholders can choose to tender part or all of their holdings, depending on the terms outlined in the offer. The OFS route indicates that the IPO will largely consist of existing investors offloading shares rather than the company issuing fresh equity. <h3>Deadline and Process Details</h3>Shareholders have been asked to submit their Expression of Interest (EOI) by: 👉 April 27, 2026 (5 PM) This step is crucial in determining the final pool of selling investors ahead of the public issue.<h3>Eligibility Criteria for Shareholders</h3>To participate in the OFS, shareholders must meet specific conditions:<ul><li>Shares must be fully paid-up</li><li>Investors should have held shares continuously since June 15, 2025 (around one year prior to DRHP filing) </li></ul>Additionally, shareholders who choose to sell their stake through the OFS will not be eligible to apply in the IPO as investors. What This Means for the IPOThe move marks the formal kickoff of NSE’s IPO process, with the exchange actively identifying stakeholders willing to dilute their holdings. Reports suggest that the IPO could be entirely OFS-driven, potentially making it one of India's largest public offerings, with an estimated size exceeding ₹20,000 crore — investors can check the current <a href="https://www.planify.in/research-report/national-stock-exchange/">NSE share price</a> before the listing.

NSE IPO Process Gains Momentum as Shareholder OFS Begins

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