The National Stock Exchange of India (NSE) is all set to file its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI) for its eagerly awaited initial public offering (IPO).
Key Highlights
- NSE is likely to file IPO draft papers with Sebi by second week of June.
- India’s largest stock exchange revives listing plans after regulatory clearance and years of delay.
India's largest stock exchange will file papers for its IPO by the second week of June, a significant move in reviving a listing process that had been stalled for years after regulatory delays related to the co-location issue.
According to sources, after the first meeting of the NSE and its appointed bankers last week, the board agreed to proceed with the filing. The exchange has not made any comments on the filing timeline.
IPO to Be Structured as Pure Offer for Sale
In February 2026, NSE’s board approved moving forward with the IPO through a pure offer for sale (OFS) route, meaning no fresh shares will be issued and existing shareholders will partially offload their stakes.
The exchange’s ownership structure is highly diversified, with no single shareholder holding a controlling interest. Trading members, their associates, and affiliated entities collectively own around 35.51% of NSE.
Among major domestic institutional investors:
- Life Insurance Corporation of India holds 10.7%
- Stock Holding Corporation of India Ltd holds 4.4%
- SBI Capital Markets owns 4.33%
- State Bank of India holds 3.23%
Other notable domestic shareholders include General Insurance Corporation of India, The New India Assurance Company, and National Insurance Company. Significant foreign shareholders include Aranda Investments (Temasek), Canada Pension Plan Investment Board, Morgan Stanley via MS Strategic Mauritius, and Crown Capital.
Also Read: NSE Partners with IGX to Launch Natural Gas Derivatives in India
20 Merchant Bankers Appointed for Mega Listing
In March, NSE appointed 20 merchant bankers to manage the IPO process, reflecting the scale and significance of the proposed listing.
Lead advisors include Kotak Mahindra Capital, JM Financial, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, and HSBC Securities and Capital Markets India, Axis Capital and ICICI Securities, .
The exchange has also onboarded leading legal advisors including Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, Trilegal, and global law firms including Latham & Watkins LLP and Sidley Austin.
Revival of a Long-Delayed Listing
The exchange got its no-objection certificate (NOC) from SEBI in January 2026, marking a major regulatory milestone towards the listing.
The IPO has been closely monitored since NSE had earlier gone ahead for an IPO in 2016 leading to being scrapped due to governance and regulatory issues in the co-location case.
National Stock Exchange of India had planned to raise about Rs 10,000 crore via the OFS, which will result in approximately 23% stake dilution for the shareholders, including the global investors, Tiger Global and Goldman Sachs.
The listing on the NSE is expected to be a major capital market event in India, providing significant value to shareholders and enhancing transparency and governance practices at the country’s biggest trading platform.
