 has taken a major step toward its long-awaited stock market debut by filing draft papers){kind=link}
The National Stock Exchange (NSE) has taken a major step toward its long-awaited stock market debut by filing draft papers for its Initial Public Offering (IPO). If launched as planned, the issue is expected to raise around Rs 30,000 crore, making it the largest IPO in Indian history.
According to the Draft Red Herring Prospectus (DRHP), the IPO will be entirely an Offer for Sale (OFS), with existing shareholders selling approximately 14.89 crore shares, representing nearly 6 percent of the exchange’s equity. No fresh shares will be issued by the company.
The proposed IPO is expected to surpass the record set by Hyundai Motor India’s Rs 27,859-crore public issue in 2024. Based on market estimates, the offering could value the exchange at more than Rs 5 lakh crore.
Expected Timeline
While NSE has not yet announced the official opening date, market experts expect the IPO process to move forward after regulatory review by SEBI. The exchange is widely expected to be listed by the end of 2026, subject to approvals and market conditions.
Price Band And GMP
Reports suggest that the IPO price may be around Rs 2,000 per share, although the exchange has not officially confirmed the valuation. The lot size and final price band will be disclosed closer to the issue date.
Since the pricing details have not yet been announced, there is currently no Grey Market Premium (GMP) available.
Major Shareholders Selling Stakes
Several existing investors are expected to participate in the Offer for Sale. Key sellers include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, New India Assurance, National Insurance Company and United India Insurance Company.
Notably, Life Insurance Corporation of India (LIC), the largest shareholder in NSE with a 10.72 percent stake, will not sell any shares in the IPO.
A Long Road To Listing
NSE first attempted to go public in 2016, but regulatory concerns related to governance issues and the co-location case delayed the process. Over the years, the exchange has implemented multiple compliance and governance measures while seeking regulatory clearance.
Earlier this year, NSE received a key regulatory boost after SEBI granted in-principle approval to its settlement application in the co-location matter. The exchange had proposed a settlement amount of Rs 1,388 crore, clearing a major hurdle for its listing plans.
Financial Performance
For FY26, NSE reported a profit after tax (PAT) of Rs 10,302 crore, compared to Rs 12,188 crore in FY25. Total income stood at Rs 18,713 crore during the fiscal year.
In the March 2026 quarter, however, the exchange posted strong growth, with PAT rising 8 percent year-on-year to Rs 2,871 crore, while total income increased 22 percent to Rs 5,360 crore.
To manage the public issue, NSE has appointed 20 investment banks as book-running lead managers, reflecting the scale and significance of what could become India’s biggest-ever IPO.