NSE IPO Nears Launch as SEBI Close to Clearing Exchange's Draft Prospectus

The Securities and Exchange Board of India Chairman Tuhin Kanta Pandey said the National Stock Exchange’s proposed initial public offering could be closer to launch. 
Pandey has said the regulator is close to approving the draft red herring prospectus filed by the exchange for its initial public offering.

The exchange filed its draft prospectus in June for an offering that will consist entirely of secondary share sales. 
A Draft Red Herring Prospectus (DRHP) is a preliminary registration document filed by a company with the market regulator (such as SEBI in India) before launching an Initial Public Offering (IPO). It provides an early, detailed look at the company's business model, finances, and risks, but omits the final share price and exact number of shares offered

The development comes after the approval timeline was pushed back by around three weeks following changes to the list of shareholders selling shares in the IPO.

Existing shareholders plan to sell as many as 148.9 million shares, representing about 6% of the company. 
The issue was estimated at around Rs 30,000 crore based on NSE’s unlisted-market valuation at the time. Since the issue is an OFS, NSE itself will not receive any proceeds from the share sale.

The timeline for public comments on the proposed IPO was extended by 21 days to August 31, 2026, after SBI Capital Markets (SBICAPS) was added as a selling shareholder. 
The change split State Bank of India’s earlier proposed sale of 24.75 million NSE shares between SBI and SBICAPS, without changing the overall issue size.

State Bank of India, MS Strategic (Mauritius) Ltd, Canada Pension Plan Investment Board and Aranda Investments (Mauritius) Pte Ltd are among the shareholders planning to sell shares in the NSE IPO. 
Other share holders include Bank of Baroda, Stock Holding Corporation of India Ltd., General Insurance Corporation of India, The New India Assurance Company Ltd., National Insurance Company Ltd. and United India Insurance Company Ltd.

At the upper end of the reported valuation range, NSE could rank sixth among global exchange operators by market value. It would sit narrowly behind London Stock Exchange Group Plc and just ahead of Nasdaq Inc.