India’s National Stock Exchange (NSE) IPO is planned as a pure offer for sale, according to the draft red herring prospectus (DRHP). The proposed issue size is 14.89 crore shares, and all shares are being offered by existing shareholders rather than newly issued by the company. The DRHP outlines how some of the IPO’s biggest investors plan to reduce their holdings, indicating that certain institutional shareholders intend to pare back stake sizes through the transaction. At the same time, the filing also shows that other major investors do not plan to sell or plan to remain invested, suggesting a mix of intentions among current shareholders. In other words, the DRHP does not present a single uniform approach from all large holders: some are looking to exit partially while others plan to continue holding shares after the IPO. The DRHP’s disclosures focus on investor-level sell-down intentions and reinforce that the IPO structure is offer-for-sale only, rather than a combination of fresh issuance and sell-down. The final details are subject to subsequent regulatory steps and approvals.