NSE might file its IPO papers with SEBI by July
What's the story
The National Stock Exchange (NSE) has kicked off the process for its initial public offering (IPO). The exchange met with all 20 of its investment bankers earlier this week to start drafting the offer document and set a tentative timeline for the listing. The first step in this process will be identifying risks and preparing necessary disclosures.
Investor outreach
Retail shareholder outreach planned for late April
The NSE plans to reach out to all retail shareholders interested in participating in the share sale by the end of April. This move comes after the exchange's registrar had asked the retail shareholders late last month to show their interest in the IPO. The exact date for filing the Draft Red Herring Prospectus (DRHP) with SEBI is still unknown.
Valuation process
Valuation and draft papers to be ready by end-May
Once the sellers and their stake to be pared are finalized by end-May, the exchange will value the offering. If everything goes as planned, NSE hopes to file draft papers with SEBI by June or early July. The move comes after efforts by the exchange to resolve regulatory issues that had previously delayed its listing.
Long wait
NSE's nearly decade-long journey to listing
The journey to NSE's listing has been nearly a decade long. The exchange first filed its IPO papers in 2016 but was caught up in the co-location scandal and accused of giving some brokers unfair access to its servers. As the case dragged on, the IPO was shelved amid a leadership overhaul. In January 2026, NSE reached a ₹1,300 crore settlement with SEBI and got approval to refile its papers.
Major offering
NSE IPO could be one of India's largest
The NSE IPO could be one of India's largest, with a possible 4-4.5% stake sale. Based on unlisted share prices, this could value the offer at $1.5 billion-$2.5 billion or around ₹23,000 crore. The move is part of a series of large public offerings expected in 2026 including those from Reliance's Jio Platforms, SBI Funds, and Flipkart.