NSE had filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026. With the regulator’s observation letter now in hand, the exchange can move towards the final stages of the IPO process.
NSE is expected to launch the public issue and subsequently list on the BSE later this month, subject to completion of the remaining regulatory and procedural requirements.
Market sources indicate that NSE could announce its price band on September 11, with the issue potentially opening a week later. A tentative listing date of September 25 has also been indicated. However, NSE has not formally announced these dates.
The IPO will comprise an offer for sale (OFS) of up to 14.89 crore equity shares, representing nearly 6% of NSE’s paid-up capital. There will be no fresh issue of shares, which means NSE itself will not receive any proceeds from the offering.
At the unlisted-market valuation around the time of its DRHP filing, the issue was estimated at roughly ₹30,000 crore. If NSE commands an indicative valuation of around ₹5 lakh crore, the IPO could become India’s largest, surpassing Hyundai Motor India’s ₹27,870-crore issue in 2024.
The eventual issue size and valuation will, however, depend on the price band and other terms finalised ahead of the offering.
Who is selling shares?
According to a Moneycontrol report, State Bank of India (SBI) Group is the largest selling shareholder, with up to 2.475 crore shares on offer. Other significant sellers include MS Strategic (Mauritius) Ltd with up to 1.60 crore shares, Canada Pension Plan Investment Board (CPPIB) with 1.19 crore shares, Aranda Investments (Mauritius) Pte Ltd with 1.12 crore shares, Bank of Baroda with around 1.10 crore shares and Stock Holding Corporation of India Ltd with around 1.09 crore shares.
Also read: NSE IPO likely listing date | Exclusive
The selling shareholders also include General Insurance Corporation of India (GIC Re), The New India Assurance Company, National Insurance Company and United India Insurance Company, along with individual shareholders.
NSE’s eventual listing would mark a significant milestone for India’s capital markets, giving public-market investors direct access to the country’s largest stock exchange while allowing its existing shareholders to monetise part of their holdings.
