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The biggest beneficiary in this list is Life Insurance Corporation, which holds 26.53 crore NSE shares. At Rs 1,785 per share, LIC's holding would be worth about Rs 47,351 crore. LIC is also the largest shareholder in NSE, with a 10.72% stake. Meanwhile, SBI holding, which is about 7.98 crore shares, is valued at about Rs 14,253 crore at the tentative IPO price. General Insurance Corporation of India holds 4.07 crore shares, which would be worth Rs 7,265 crore. New India Assurance holds 3.52 crore NSE shares, valued at Rs 6,283.2 crore. ICICI Lombard General Insurance holds 2.35 crore shares worth Rs 4,195 crore, while Bank of Baroda holds 2.2 crore shares worth Rs 3,922.09 crore. Together, just the top five listed shareholders -- LIC, SBI, GIC, New India Assurance and ICICI Lombard -- hold NSE shares worth about Rs 79,347 crore. Also Read: Are NSE unlisted shareholders staring at losses? Here's what IPO pricing indicates Banks and insurers dominate list The shareholder list is dominated by financial sector names. HDFC Life Insurance holds 1.24 crore NSE shares worth about Rs 2,209 crore. Indian Bank's 83.75 lakh shares would be worth Rs 1,495 crore, while SBI Life Insurance's 82.09 lakh shares would be valued at Rs 1,465 crore. HDFC Bank holds 40.56 lakh NSE shares, which would be worth about Rs 724 crore. Punjab National Bank holds 27.5 lakh shares worth Rs 491 crore. Among non-bank financial companies and investment firms, Tata Investment Corporation holds 50 lakh NSE shares worth Rs 892.5 crore. JM Financial holds 30.17 lakh shares worth Rs 538 crore. Authum Investment and Infrastructure holds 23.58 lakh shares worth Rs 421 crore. Other listed companies with exposure include Maithan Alloys, Balkrishna Industries, Elpro International, Graphite India, Winro Commercial, Geecee Ventures, Kiran Vyapar, VLS Finance, Shree Capital Services, Saraswati Commercial, Motilal Oswal Financial Services and Chhatisgarh Investments. Maithan Alloys’ stake is worth about Rs 736 crore at the tentative IPO price, while Balkrishna Industries holds NSE shares worth Rs 572 crore. JM Financial's holding is valued at Rs 538 crore. Authum Investment and Infrastructure’s stake is worth Rs 421 crore. Elpro International’s holding is worth Rs 343 crore, while Graphite India’s stake is worth Rs 268 crore. Motilal Oswal Financial Services' proprietary account holds shares worth Rs 89 crore. Not all value means immediate cash The value calculation does not mean all listed shareholders will immediately make this money. It only shows the notional value of their NSE holdings at the tentative IPO price. Actual gains will depend on the price at which these companies acquired NSE shares, the final IPO price, whether they sell shares in the OFS and how the stock performs after listing. Still, the IPO could bring attention to listed companies that hold NSE shares. For investors holding these stocks, NSE’s listing may become an important trigger to watch, especially where the value of the NSE stake is large compared with the company’s own market value. The final numbers will depend on NSE’s official price band. But at Rs 1,785 per share, the message is clear: several listed companies are sitting on sizeable NSE stakes, and the exchange’s IPO could put a sharp market value on those holdings. NSE cuts IPO size NSE has filed an updated draft red herring prospectus for its IPO with Sebi. The revised filing proposes reducing the issue size to around Rs 22,500-23,500 crore from the earlier plan of about Rs 30,000 crore, ET reported earlier. The IPO will be an offer for sale by existing shareholders. The OFS is now likely to represent around 5.25% of NSE’s paid-up capital, compared with about 6% planned earlier. The exchange had earlier proposed an OFS of up to 14.89 crore shares. The updated filing has reduced the number of shares on offer to 12.64 crore. NSE is targeting an IPO launch in the third week of September, with shares likely to list in the fourth week. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and 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. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. 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