Exclusive | NSE likely to file DRHP earlier than expected, sources say

The National Stock Exchange of India (NSE) is likely to fast-track the filing of its draft red herring prospectus (DRHP), as the number of retail shareholders expected to tender shares in the proposed initial public offering (IPO)

remains negligible, sources told CNBC-TV18.

According to sources, the exchange was initially targeting June 14, 2026, as the deadline for filing the DRHP. However, the filing may now take place as early as the beginning of June.

“The initial expectation was that a large number of retail shareholders would tender shares in the IPO. However, the number of retail shareholders participating is currently less than 500,” sources added.

Despite the lower retail participation, over 5% of NSE’s equity has already been offered for sale by existing shareholders. Sources said institutional shareholders have collectively offered nearly 10% of their existing holdings as part of the listing process.

The total number of NSE shareholders crossed the 2 lakh mark a month ago and currently stands at 2.02 lakh shareholders.

CNBC-TV18 has reached out to the exchange for comment, and a response is awaited.

NSE is expected to dilute around 4%-5% equity through the proposed IPO. The much-awaited listing, likely by December this year, is expected to be among the largest public issues in India.

In March, NSE announced the appointment of 20 merchant bankers for the IPO process, the highest-ever for an Indian public issue. The exchange has also appointed eight law firms to advise on regulatory, documentation and compliance-related matters.

The appointments were approved by the IPO committee chaired by Srinivas Injeti after what the exchange described as a structured, transparent and competitive evaluation process.