The National Stock Exchange is set to file its draft red herring prospectus (DRHP) by Thursday, according to sources.
Sources tell CNBC-TV18 the DRHP is set to be finalised by this evening. ”After this, the board of the exchange would meet and ratify the filing of the DRHP,” the sources added.
The valuation of the IPO is set to be upwards of ₹5 lakh crore. “The valuation is most likely to be in the range of ₹5 lakh crore and ₹5.25 lakh crore,” sources added.
The exchange is looking at rolling out its much-awaited listing by November this year. “The exchange is looking at getting listed between Navratri and Diwali this year. We will have roadshows before that,” sources added.
Earlier, CNBC-TV18 had reported that the exchange is considering diluting a 4-5% stake via an offer-for-sale in its IPO. This could make it one of the largest public issues in the country, with the issue size expected to exceed ₹20,000 crore.
The exchange has hired a record 20 merchant bankers for the IPO as it plans to offer 4-5% of its stake through an offer-for-sale in March this year. This is the highest-ever number of merchant bankers for an Indian public issue. Eight law firms have also been selected to advise on regulatory, documentation, and compliance-related aspects.
Meanwhile, the exchange hasn’t received the payment order from the markets regulator — Securities Exchange Board of India (SEBI) — on the co-location settlement.
The High-Powered Advisory Committee (HPAC) of the Securities Exchange Board of India (SEBI) has advised a settlement of over ₹1,800 crore in the National Stock Exchange’s (NSE) co-location case, according to the sources.
As reported by CNBC-TV18 earlier, the HPAC’s recommendation is awaiting a nod from SEBI’s panel of two whole-time members (WTM) before the payment order is sent to the NSE.
However, this delay in the payment order would have no bearing on NSE’s IPO. “The issue co-location settlement has been completely delinked with IPO. So it won’t have any bearing,” sources added.
“Pursuant to the NOC issued by SEBI, the board approved an initial public offering of the Company through an offer for sale on 6 February 2026. No further comments at this stage,” NSE said in response to the questions sent by CNBC-TV18.
