NSE Files IPO Papers With Sebi; Rs 30,000 Crore Issue Set To Be India's Biggest Ever

NSE IPO: The National Stock Exchange (NSE) has finally moved ahead with its long-pending initial public offering (IPO) by filing draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on Wednesday. With this public offering, the exchange will likely to raise about Rs 30,000 crore via offer for sale (OFS), marking the biggest IPO in India’s history so far.

The record of largest public issue is being held by the Hyundai Motor IPO of around Rs 27,000 crore in 2024.

There will be no fresh issue of shares in the IPO.

State Bank of India (SBI) will be selling the largest portion of its holding in NSE through this IPO. It is offering 24.75 million shares.

MS Strategic (Mauritius) Limited will divest up to 16 million

shares, while Canada Pension Plan Investment Board has offered up to 11.87 million shares in OFS.

Other key shareholders participating in the offer include Aranda Investments (Mauritius) Pte. Ltd., which plans to sell up to 11.24 million shares. Bank of Baroda and Stock Holding Corporation of India Ltd. have each offered around 11 million shares for sale. Among PSU insurers, General Insurance Corporation of India (GIC Re) will divest up to 10.65 million shares, while The New India Assurance Company Ltd. will offload up to 10.5 million shares. National Insurance Company Ltd. and United India Insurance Company Ltd. are also set to sell nearly 6 million shares each.

NSE Board Approves Proposed IPO

This comes after NSE’s board approved the proposed IPO on February 6, following receipt of Sebi’s no-objection certificate (NOC).

The National Stock Exchange (NSE) had appointed 20 merchant bankers along with several law firms and other intermediaries in March 2026 to manage its initial public offering (IPO).

The merchant bankers appointed include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.

Shares of NSE will list on its rival exchange BSE (Bombay Stock Exchange), as Sebi’s rules don’t allow the exchange to list its shares on own platform on account of manipulation fear.

2nd Attempt To List NSE

NSE had first filed draft offer documents in 2016 to raise around Rs 10,000 crore through an offer-for-sale by existing shareholders.

However, the proposal was put on hold after Sebi raised governance concerns linked to the exchange’s co-location case. Since then, NSE has approached the regulator multiple times seeking approval to proceed with its listing.