Our Bureau
Mumbai
The National Stock Exchange (NSE) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), paving the way for a ₹30,000-crore initial public offering (IPO) that is expected to become the largest public issue in India’s history. The long-awaited market debut comes nearly a decade after the exchange first sought a listing, with regulatory hurdles and the co-location controversy delaying the process.
The proposed IPO will be a pure Offer for Sale (OFS), meaning NSE itself will not raise fresh capital. Instead, existing shareholders will sell approximately 148.9 million equity shares, representing around 6% of the exchange’s equity. Major institutional investors, including the State Bank of India, are among the shareholders expected to pare their holdings through the offering.
Industry estimates value the issue at around ₹30,000 crore, surpassing previous record-breaking Indian IPOs and underscoring the growing depth of the country’s capital markets. The listing is expected to provide liquidity and transparent price discovery for NSE’s shares, which have long been actively traded in the unlisted market.
Founded in 1992, NSE has evolved into India’s dominant stock exchange and the world’s largest derivatives exchange by trading volume. For the financial year ended March 2026, the exchange reported total income of ₹18,713 crore and net profit of ₹10,302 crore, reflecting its strong market position despite increased regulatory scrutiny in recent years.
Market participants view the filing as a landmark development for India’s financial sector. The IPO is expected to attract strong institutional and retail interest, while also providing long-awaited exit opportunities for investors who have held stakes in the exchange for years. SEBI’s review of the DRHP will determine the final timeline for the listing, which could take place later this year.
