NSE IPO momentum fades as unlisted shares slip below Rs 1,900. The National Stock Exchange's long-anticipated public listing, expected to raise over Rs 20,000 crore through an offer-for-sale structure, is facing a disconnect between IPO hype and actual market performance. Unlisted shares have declined from January peaks of Rs 2,075 to recent trades near Rs 1,885, signaling investor caution. A critical regulatory barrier explains the cooling: only shareholders who have continuously held fully paid-up NSE shares for at least one year before the draft prospectus filing will qualify to tender shares in the OFS. This means investors must have held shares since mid-June 2025 to participate. New buyers entering the unlisted market today cannot meet this requirement, effectively closing the door on last-minute IPO arbitrage strategies.
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