NSE IPO: DRHP Filing Likely By June-End, Listing Targeted By December

NSE IPO Update: The National Stock Exchange (NSE) is likely to file the draft red herring prospectus (DRHP) for its proposed mega IPO by the end of June 2026. India’s largest stock exchange NSE is targeting a listing in the third quarter of the current financial year, before December, CNBC-TV18 reported citing unidentified sources.

The timeline broadly aligns with recent developments in the exchange’s long-delayed IPO journey. Earlier reports had indicated that NSE was preparing to file preliminary documents with the Securities and Exchange Board of India (SEBI) by May-end or early June, as the process gathers pace following key regulatory clearances.

Earlier, Bloomberg news reports suggested that the IPO could involve a stake sale of around 4-4.5

percent and potentially raise between $1.5 billion and $2.5 billion (approximately Rs 23,000 crore), depending on final valuations and market conditions.

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.

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.