NSE IPO jackpot: 10 PSUs could pocket Rs 12,802 crore from stake sale

ETMarkets.com Synopsis NSE’s IPO could deliver a massive windfall to 10 public-sector shareholders, which together could make a profit of around Rs 12,802 crore by selling their shares at the upper price band of Rs 1,785.

State Bank of India stands to gain the most, with a potential profit of nearly Rs 2,849 crore, followed by The New India Assurance Company.

By Kumar Gaurav, ETMarkets.com XPeers State Bank of India Share Price Union Bank of India Share Price Punjab National Bank Share Price Bank of Baroda Share Price Indian Bank Share Price Sep 15, 2026, 01:05:00 PM IST Follow us The upcoming initial public offering (IPO) of the National Stock Exchange (NSE) could deliver a major windfall to its public-sector shareholders, with 10 PSUs potentially making a combined profit of around Rs 12,802 crore by selling their shares at the upper end of the IPO price band.ADVERTISEMENT Pegged at Rs 22,561.57 crore, the IPO is entirely an offer for sale (OFS), with existing shareholders proposing to sell up to 12.64 crore equity shares.

The issue will open for subscription on September 17, 2026, and close on September 21, with NSE shares scheduled to debut on September 24.According to the Red Herring Prospectus (RHP), 20 shareholders are participating in the OFS, of which 10 are public-sector entities.

These are State Bank of India (SBI), The New India Assurance Company, SBI Capital Markets, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, United India Insurance Company, Oriental Insurance Company, National Insurance Company and Indian Bank.

PSUs could unlock Rs 12,811 crore Based on the maximum number of shares proposed to be sold by these 10 public-sector shareholders and assuming the OFS is priced at the upper end of Rs 1,785, the entities could collectively generate around Rs 12,811.37 crore in proceeds.

The combined acquisition cost of these shares, based on the weighted average costs disclosed in the RHP, is only around Rs 9.20 crore.

This translates into a potential profit of approximately Rs 12,802.17 crore, before accounting for applicable taxes.The calculations assume that each shareholder sells the maximum number of shares indicated and that the shares are sold at Rs 1,785 apiece.

Actual proceeds and gains could differ depending on the final number of shares sold and the eventual offer price.ADVERTISEMENT SBI set for biggest windfall State Bank of India stands to gain the most among the 10 public-sector shareholders.

Against a reported weighted average acquisition cost of just Rs 0.80 per share, SBI’s total acquisition cost for the shares on offer works out to about Rs 1.28 crore.ADVERTISEMENT ADVERTISEMENT The potential profit for SBI, therefore, stands at nearly Rs 2,849.26 crore.The New India Assurance Company could be the second-largest beneficiary.

It is offering 1.05 crore shares, which could fetch approximately Rs 1,874.25 crore at the upper price band.

Its reported acquisition cost for these shares is only around Rs 33.6 lakh, implying a potential profit of approximately Rs 1,873.91 crore.ADVERTISEMENT Other PSU shareholders SBI Capital Markets is offering up to 87.81 lakh shares, which could generate around Rs 1,567.34 crore at Rs 1,785 per share.

Based on the stated acquisition cost, its potential profit is approximately Rs 1,567 crore.Bank of Baroda is offering nearly 76.90 lakh shares, potentially generating Rs 1,372.73 crore in proceeds and around Rs 1,372.32 crore in profit.ADVERTISEMENT Stock Holding Corporation of India could raise approximately Rs 1,104.47 crore from its offer of 61.88 lakh shares.

General Insurance Corporation of India, which is offering the same number of shares, could also realise approximately Rs 1,104.47 crore.United India Insurance Company is offering 60 lakh shares, translating into potential proceeds of Rs 1,071 crore at the upper price band.Oriental Insurance Company could generate around Rs 884.82 crore from its proposed sale of 49.57 lakh shares, while National Insurance Company could raise approximately Rs 714 crore from its offer of 40 lakh shares.Indian Bank is offering 15 lakh shares, which could fetch approximately Rs 267.75 crore.This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser.

Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication.

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