NSE's ₹30,600 crore IPO: Who's selling

Nobody in the financial press seems bothered by the real point here.

NSE's IPO is a pure OFS. ₹30,600 crore raised. Zero goes to NSE. Every rupee exists for the sellers.

So who's selling?

SBI. Bank of Baroda. GIC. New India Assurance. National Insurance. StockHolding. Indian Bank. The institutions the Indian state built and backed, the ones that helped wire NSE into existence, are all cashing out.

Then there's CPP Investments, Canada's national pension fund: 11.87 million shares. 2726247 Ontario Inc., another Canadian vehicle: 5.4 million more. MS Strategic (Mauritius) Ltd.: 16 million, through a holding structure most retail investors couldn't locate on a map.

Three continents. Several layers of corporate wrapping.

NSE is an infrastructure. The pipe through which Indian households invest, through which price discovery happens every trading day.

But the retail investor is being invited in right now? They're the liquidity event.

The business itself is real, a near-monopoly in derivatives, dominant in cash equities, and growing fee income as Indian households invest more. There's a genuine bull case.