The National Stock Exchange of India (NSE) is preparing for a significant initial public offering (IPO) that may raise over ₹20,000 crore (approximately $2.4 billion USD). The IPO will be structured as an offer-for-sale (OFS), allowing only existing shareholders to sell their stakes. To qualify, shareholders must have held fully paid-up NSE shares continuously since June 15, 2025. This requirement aims to ensure that only long-term investors can participate, preventing last-minute entries. Expressions of interest (EOIs) from eligible shareholders must be submitted by April 27, 2026, before 5 PM. Once EOIs are submitted, the NSE will verify them to identify qualifying shareholders. Notably, shareholders who participate in the OFS will not be allowed to apply for shares in the IPO as investors. The IPO is expected to involve the sale of about 4% to 4.5% of NSE's total equity, with proceeds going to existing shareholders rather than the company itself. There are risks involved, including a potential six-month lock-in period for unsold shares after listing, limiting liquidity for shareholders in the near term.