NSE IPO: Rothschild to advise; banks, law firms shortlisted
NSE is gearing up for a massive IPO, has shortlisted around 20-21 investment banks to participate in the IPO process and has shortlisted around seven-nine law firms to pitch for the IPO legal mandate.
With Rothschild as the independent advisor, this could be one of India's biggest listings yet.
NSE's financials and key operational metrics
NSE saw its registered investors jump 23% in a year to 11.3 crore, while accounts hit 22 crore and listed companies reached 2,720.
For FY24-25 (financial year 2024-25), revenue rose 17% to ₹19,177 crore and profit after tax rose 47% to ₹12,188 crore.
What is the expected size of the IPO?
The IPO could raise between ₹21,000 crore and ₹24,500 crore with just a 5% stake sale from shareholders like LIC and SBI.
If NSE sells up to 10%, it would roughly double the 5% estimate (i.e., about ₹42,000-49,000 crore, depending on valuation), with an implied market capitalisation of roughly ₹4.8-4.95 lakh crore.
What does NSE do?
Established in 1992 and began operations in 1994, NSE is India's largest electronic stock exchange (think stocks, bonds, currencies, and more), all traded digitally on a platform that oversees securities with a combined market capitalisation of over ₹460 lakh crore.
When can we expect the IPO?
No January 2026 regulatory-clearance report appears in the cited source, and the source does not document regulatory or governance delays dating back to 2016.
Advisors were expected to be finalized by mid-March, and bank presentations had begun in March; the source does not specify an IPO launch timeline.