The much awaited IPO of India's largest stock exchange National Stock Exchange (NSE) now finally seems to be getting off the ground. According to reports, the exchange may file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by June or early July. Preparations for this have been intensified.
Recently NSE held an important meeting with all its 20 investment bankers. In this meeting, agreement was reached on the preparation of documents related to IPO and the initial timeline of listing. The process will begin with identification of risks and necessary disclosures, work on which has already begun.
According to the report, by the end of April NSE will contact those retail shareholders who want to participate in the Offer for Sale (OFS). Before this, the Registrar had already gathered the interest from the investors. The important thing is that only those shares will be included in this offer, which have been held continuously since June 15, 2025 (cut-off date).
Once investors' interest is clear, bankers will get about three weeks' time to examine the entire process. During this time, institutional investors will also be finalized. By the end of May it will be decided how much stake will be sold. After this the process of determining the valuation of the company will begin. However, at present the discussion on valuation is in the initial stage.
NSE's IPO has been pending for the last decade. For the first time in 2016, the exchange had applied for IPO, but the matter got stuck due to co-location dispute and allegations of giving alleged special facilities to some brokers. In January 2026, NSE signed an agreement with SEBI worth ₹ 1,300 crore, after which the way for re-application was cleared.
Experts believe that in view of the past controversies, this IPO will be closely scrutinized. The company will have to pay special attention to transparency, risk disclosures and strong legal framework. This IPO can be one of the largest IPOs in India, in which 44.5% stake can be sold. It is estimated that its size could reach around ₹ 23,000 crore.
