Mumbai, Sept. 22 -- Large institutional shareholders of the National Stock Exchange (NSE) have stayed invested in the course despite participating in its initial public offering (IPO), with several of its biggest investors selling only a small portion of their holdings through the offer for sale (OFS).

The NSE IPO, which is entirely an OFS, closed for subscription on Monday.

Data on the selling shareholders showed that they collectively held a 36.82 per cent stake in NSE before the OFS and have tendered shares equivalent to 5.11 per cent of the exchange's equity, leaving them with a combined 31.71 per cent stake after the offering.

The selling shareholders largely comprise institutional investors, including nine foreign institutional i...