NSE Files for Rs 30,000-cr IPO, Poised to Be India's Largest-Ever Public Issue

The National Stock Exchange (NSE) has finally taken a decisive step towards its long-awaited stock market listing, filing draft papers with market regulator SEBI for an initial public offering (IPO) estimated at around ₹30,000 crore . If launched at the expected size, the issue will become the largest IPO ever in India's capital market history , surpassing the previous record set by Hyundai Motor India's ₹27,870 crore public issue in 2024.

The filing marks a significant milestone for India's largest stock exchange, whose listing ambitions remained stuck for nearly a decade amid regulatory scrutiny and the fallout of the controversial co-location case. The latest move signals that one of the country's most anticipated market debuts is now closer than ever.

According to the Draft Red Herring Prospectus (DRHP), the proposed IPO will be entirely an Offer for Sale (OFS) , meaning the exchange itself will not raise fresh capital. Instead, existing shareholders will collectively sell 14.89 crore shares , representing nearly 6 per cent of NSE's equity .

Among the major shareholders participating in the sale, State Bank of India (SBI) plans to offload up to 2.48 crore shares , while MS Strategic (Mauritius) Limited will sell 1.60 crore shares . Other notable sellers include Canada Pension Plan Investment Board , Aranda Investments (Mauritius) Pte Ltd , Bank of Baroda , Stock Holding Corporation of India , General Insurance Corporation of India , The New India Assurance Company , National Insurance Company , and United India Insurance Company .

Interestingly, Life Insurance Corporation of India (LIC) , the exchange's largest shareholder with a 10.72 per cent stake , has decided not to participate in the share sale.

People familiar with the matter estimate that the proposed issue size could value NSE at more than ₹5 lakh crore , underscoring the exchange's dominant position in India's financial ecosystem. The bourse currently has nearly 1.8 lakh shareholders , making it one of the most widely held unlisted entities in the country.

The IPO journey, however, has been far from smooth. NSE had first approached the regulator in 2016 with plans to raise around ₹10,000 crore through a public issue. The proposal was subsequently put on hold as SEBI examined governance concerns and allegations related to the co-location controversy, in which certain brokers were accused of receiving preferential access to trading systems.

Over the years, NSE undertook several governance reforms and repeatedly sought regulatory clearance. A major breakthrough came after the exchange moved to settle the long-running matter by offering to pay ₹1,388 crore . Earlier this year, SEBI granted an in-principle approval to the settlement process, clearing one of the biggest obstacles standing in the way of the listing.

To prepare for the landmark offering, NSE has assembled a team of 20 merchant bankers , legal advisers and other intermediaries to manage the public issue.

Despite remaining highly profitable, NSE reported a mixed financial performance in FY26. Its net profit declined 15 per cent to ₹10,302 crore from ₹12,188 crore in FY25, while total income slipped marginally to ₹18,713 crore . However, the exchange delivered a stronger performance in the March quarter, reporting an 8 per cent increase in profit after tax and a 22 per cent rise in total income compared with the same period last year.

With regulatory barriers gradually fading and investor interest expected to be strong, the NSE IPO is poised to become a defining moment for India's capital markets, opening the doors of the country's largest exchange to public investors for the first time.