Mumbai, July 4 -- The National Stock Exchange's shareholder base has quadrupled in three months through June, reflecting the public frenzy ahead of what's expected to be the country's biggest initial public offering, according to merchant bankers and a person aware of the development.

The number of shareholders has jumped to over 160,000 from 39,201 at the end of March in the anticipation of the Securities and Exchange Board of India (Sebi) giving its no-objection certificate (NOC) for the bourse's public offer any day now, the person cited above said on the condition of anonymity.

The spurt has driven National Stock Exchange's (NSE) unlisted share price by 45% to around Rs.2,250 apiece from Rs.1,550 three months back, driving the marke...