The National Stock Exchange of India (NSE), the country's largest stock exchange, has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI. This move formally initiates an initial public offering (IPO) that has been anticipated for nearly a decade. The IPO is structured entirely as an offer-for-sale (OFS) of up to 14.89 crore shares, meaning the exchange itself will not raise new capital; instead, proceeds will go to existing shareholders diluting their holdings. The issue size is estimated to be around $3 billion, potentially making it one of India's largest public offerings.
Several key existing investors, including State Bank of India (SBI), MS Strategic (Mauritius) Limited, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, and United India Insurance Company, are slated to offload their stakes. Notably, Life Insurance Corporation of India, which holds a 10.72% stake in NSE, will not be selling any shares in the IPO. Based on the exchange's valuation in the unlisted market, the IPO size is also estimated to be close to ₹30,000 crore.
This filing marks a significant milestone, as NSE's listing plans have been stalled since 2016 due to various regulatory hurdles, including a co-location controversy. The process gained momentum after SEBI issued a formal no-objection certificate (NOC) to NSE in January 2026. The exchange's board approved the IPO plan in February, and it had appointed 20 merchant bankers to manage the offering in March. The IPO seeks to enhance NSE's visibility and brand image, provide liquidity to shareholders, and establish a public market for its equity shares in India. The shares will be listed on BSE.
