NSE IPO Gets SEBI Approval; ₹30,000 Crore Issue Could Become India’s Biggest IPO

The National Stock Exchange (NSE) has received the Securities and Exchange Board of India's (SEBI) approval to proceed with its much-anticipated initial public offering (IPO).

NSE CEO Ashish Chauhan confirmed the development while speaking at FICCI's Annual Capital Markets Conference 2026, thanking SEBI's chairman for clearing the exchange's IPO.

NSE had submitted its draft papers to the market regulator on June 17. Earlier reports had indicated that the exchange was targeting a stock market listing on the BSE by September 2026, although the final timeline will depend on market conditions and investor response.

NSE IPO could cross ₹30,000 crore

The proposed IPO is expected to be one of the largest public issues in India's capital market. Street estimates suggest the offering could be worth more than ₹30,000 crore, potentially overtaking Hyundai Motor India's ₹27,870-crore IPO in 2024.

NSE is reportedly seeking a valuation of up to ₹5.26 lakh crore ($55 billion) through the offering. The exchange operates the world's largest derivatives market by trading volume, making its public listing one of the most closely watched IPOs in India's financial sector.

IPO to comprise offer for sale

According to NSE's draft red herring prospectus (DRHP), the IPO will consist entirely of an offer for sale (OFS). Existing shareholders plan to sell up to 14.89 crore equity shares, equivalent to nearly 6% of NSE's paid-up equity capital.

The final issue size, valuation and listing date could change depending on market conditions and feedback from investors during the roadshow process.

NSE has appointed a consortium of 20 investment banks to manage the offering. The list includes Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC and Citigroup.

The IPO approval marks a significant step towards the long-awaited public listing of India's largest stock exchange and could provide investors with an opportunity to participate directly in one of the country's most important financial-market institutions.