The National Stock Exchange (NSE), India’s largest stock exchange, has formally launched its long-pending initial public offering (IPO) process by filing a 614-page draft red herring prospectus (DRHP) with SEBI and the BSE.
The shares of NSE will be listed on the BSE, mirroring the cross-listing structure where BSE shares trade on the NSE.
The IPO is structured entirely as an offer for sale (OFS), with existing shareholders collectively planning to divest around 6% of the exchange’s equity.
Based on NSE’s estimated unlisted valuation of about ₹5 lakh crore, the issue size is projected at approximately ₹30,000 crore, making it one of the largest IPOs in India in recent years, comparable to major listings such as Hyundai Motor India’s ₹27,000 crore issue.
Life Insurance Corporation of India (LIC), despite being a major stakeholder in NSE, is not part of the selling group in this IPO.
Among the largest sellers is the State Bank of India (SBI), offering up to 24.75 million shares.
Other key divesting entities include MS Strategic (Mauritius) with 16 million shares and the Canada Pension Plan Investment Board with 11.87 million shares.
Additional participants in the OFS include Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India (GIC Re), The New India Assurance Company, National Insurance Company, and United India Insurance Company, all collectively offloading significant stakes.
The IPO filing follows approvals from NSE’s board, which cleared the DRHP after its IPO committee finalized the documentation.
SEBI had already issued a No Objection Certificate in January 2026, enabling the listing process after resolving earlier regulatory concerns related to co-location and governance issues.
NSE’s listing plan had been stalled since 2016, when its initial IPO proposal was withdrawn following regulatory concerns. Since then, the exchange has implemented multiple governance reforms and engaged several merchant bankers and legal advisors to revive the process.
The exchange now has nearly 1.8 lakh shareholders, marking one of the most widely held ownership structures in Indian financial markets.
