NSE Files IPO Papers With Sebi, Eyes India’s Biggest Public Issue Worth Rs 30,000 Crore

New Delhi: The National Stock Exchange (NSE) has taken a significant step toward its long-awaited stock market listing by submitting a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). 

The decision comes nearly ten years after the NSE requested an initial public offering (IPO) in 2016, but was unable to proceed due to regulatory actions and investigations. 

IPO Could Become India's Largest Ever Public Issue

The proposed IPO will be purely an offer for sale (OFS), which means that existing shareholders will sell a share of their holdings in the exchange. The NSE will not issue any new stocks or receive any revenue from the public issuance.

The draft papers indicate that the IPO will include up to 148.9 million equity shares with a face value of ₹1 each. The shares being offered account for almost 6% of NSE's paid-up capital.

Industry estimates believe the sale might be worth approximately ₹30,000 crore, making it India's largest IPO to date. In 2024, Hyundai Motor India's initial public offering raised approximately ₹28,000 crore, setting the current record.

Among the shareholders taking part in the sale are State Bank of India, MS Strategic (Mauritius), and Canada Pension Plan Investment Board. Because the issue is completely an OFS, all IPO proceeds will go to the selling stockholders.

Earlier this year, Sebi awarded NSE a no-objection certificate (NOC), allowing the exchange to file its IPO documents. As a Sebi-regulated market infrastructure organization, the NSE was required to acquire regulator clearance before advancing with the listing process.

Regulatory Hurdles Delayed Listing for Nearly a Decade

The NSE's IPO has been delayed for years due to regulatory problems, specifically the colocation and dark fibre instances. The exchange stated that it has worked over the years to address regulatory concerns by resolving specific issues and enhancing its governance system.

However, certain concerns are yet unresolved. NSE stated that its updated settlement petitions for connectivity and dark fiber matters were submitted to Sebi in March 2026 and are still being considered as of the date of the DRHP. The exchange has already established measures for these situations.

Once all clearances have been obtained, NSE shares will be listed on the Bombay Stock Exchange (BSE). Interestingly, BSE has been listed on NSE since 2017, but NSE is now looking to list on its competitor exchange.

Strong Financial Growth Ahead of Market Debut

In preparation for the public issue, NSE appointed a record 20 merchant bankers in March this year. The syndicate includes Kotak Mahindra Capital, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, Avendus Capital, Morgan Stanley, Citigroup and JPMorgan, among others. It has also appointed mid-sized investment banks such as Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.

The exchange has also appointed eight legal advisers for the IPO, including Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas, and Trilegal.

Financially, the NSE reported sustained good growth in FY26. In the January-March quarter, the exchange earned a consolidated net profit of ₹2,871 crore, up 8.3% from a year earlier. Consolidated revenue from operations increased to ₹4,967.6 crore from ₹3,771.4 crore in the same quarter of the previous year.

With the submission of the DRHP, the NSE has moved significantly closer to conducting one of the country's most anticipated IPOs, which has the potential to become India's largest-ever public offering.