NSE Files For ₹30,000 Crore IPO, Set To Become India's Biggest Public Issue
Nearly a decade after its first IPO attempt, NSE is finally heading to the stock market. Here's everything investors need to know about the ₹30,000 crore issue, valuation, key shareholders, financials, and why the listing matters.
NSE IPO: National Stock Exchange (NSE) has filed draft papers for a nearly ₹30,000 crore IPO, which could become India's largest-ever public issue. The offer is entirely an OFS and comes almost a decade after NSE's original listing plans were put on hold.
NSE IPO: National Stock Exchange (NSE) has moved a step closer to its long-awaited stock market debut. On June 17, 2026, the exchange filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering that could become the largest in Indian market history.
The proposed issue is estimated at around ₹30,000 crore, which would put it ahead of Hyundai Motor India's ₹27,859 crore IPO and LIC's ₹20,557 crore public issue.
The filing marks a major milestone for an exchange whose listing plans were delayed for nearly a decade due to regulatory hurdles and the co-location controversy.
Why is NSE Launching IPO now?
NSE's IPO journey began in 2016 when it first submitted draft papers for a proposed ₹10,000 crore public issue. However, the process was delayed after allegations emerged that certain brokers received preferential access to the exchange's trading systems through the co-location facility.
The matter remained under regulatory scrutiny for years and eventually led to the suspension of the listing plan.
The situation changed in January 2026 when NSE reached a ₹1,300 crore settlement with SEBI. With regulatory approval in place, the exchange's board approved a fresh IPO proposal on February 6, 2026, for the latest DRHP filing.
NSE IPO Structure: No Fresh Issue, Pure OFS
Unlike many public offerings where companies raise fresh capital, NSE IPO is entirely an Offer for Sale (OFS).
This means the exchange itself will not receive any proceeds from the issue. Instead, the funds will go to existing shareholders selling a portion of their stake.
Here are some key details investors should know about NSE IPO.
|
Particulars |
Details |
|
Estimated IPO Size |
Around ₹30,000 crore |
|
Shares Offered |
Up to 148.9 million |
|
Stake Being Sold |
Nearly 6% |
|
Fresh Issue |
No |
|
Offer For Sale |
Yes |
|
Listing Venue |
BSE |
Based on grey market indications of around ₹2,000 per share, NSE's valuation is estimated at over ₹5 trillion. At that valuation, the IPO size could reach approximately ₹29,780 crore.
The issue is being managed by a syndicate of 20 investment bankers, including Kotak Mahindra Capital and Morgan Stanley India.
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How Does NSE IPO Compare With India's Biggest IPOs?
If the issue size remains unchanged, NSE could top the list of India's largest IPOs.
|
Rank |
Company |
Issue Size (₹ Crore) |
|
1 |
NSE* |
29,781.10 |
|
2 |
Hyundai Motor India |
27,858.80 |
|
3 |
LIC |
20,557.20 |
|
4 |
One97 Communications (Paytm) |
18,300.00 |
|
5 |
Tata Capital |
15,511.40 |
|
6 |
Coal India |
15,199.40 |
|
7 |
HDB Financial Services |
12,500.00 |
|
8 |
LG Electronics India |
11,607.00 |
|
9 |
Swiggy |
11,327.40 |
|
10 |
GIC Re |
11,256.80 |
|
11 |
ICICI Prudential AMC |
10,602.70 |
*Expected issue size based on current estimates.
Who Is Selling NSE Shares?
Several large domestic and international institutions are participating in the OFS. Here are some names
|
Shareholder |
Shares Offered |
|
SBI |
24.75 million |
|
Morgan Stanley (MS Strategic Mauritius) |
16 million |
|
Canada Pension Plan Investment Board |
11.87 million |
|
Temasek's Aranda Investments |
11.24 million |
|
Bank of Baroda |
Around 11 million |
|
Stock Holding Corporation of India |
Around 11 million |
|
GIC Re |
Around 11 million |
|
New India Assurance |
Around 11 million |
|
National Insurance Company |
Around 6 million |
|
United India Insurance Company |
Around 6 million |
Who is Not Selling in NSE IPO?
However, not every major shareholder is reducing exposure in the upcoming NSE IPO. LIC continues to remain NSE's largest shareholder. Here are some names.
|
Shareholder |
Stake |
|
LIC |
10.72% |
|
Premji Invest |
2.35% |
|
Radhakishan Damani |
1.58% |
Why NSE Will List On BSE
Regulations prevent a stock exchange from listing its shares on its own platform.
As a result, NSE shares will be listed on rival exchange BSE, which became India's first publicly listed stock exchange in 2017.
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How NSE Changed Indian Stock Markets
NSE was incorporated in 1992. Since then, NSE has played a key role in modernising Indian capital markets. The launch of electronic trading transformed how investors bought and sold shares, making trading faster and more transparent. Here is the NSE key milestone
|
Year |
Event |
|
1992 |
NSE incorporated |
|
1993 |
Recognised by SEBI |
|
1994 |
Trading operations begin |
|
1995 |
Electronic trading introduced |
|
1999 |
Manual trading phased out |
|
2000 |
Derivatives segment launched |
|
2003 |
Internet-based trading introduced |
|
2017 |
NSE International Exchange launched in GIFT City |
|
2026 |
Files DRHP for IPO |
NSE: A Global Giant In Derivatives
According to the DRHP, NSE has emerged as the world's largest multi-asset exchange in FY26. The exchange retained its position as the world's largest equity derivatives exchange during FY26. Here is NSE's global position
|
Criteria |
Details |
|
Share of Global Cash Equity Trades |
11.38% |
|
Share of Global Equity Derivatives Contracts |
51.18% |
|
Equity Derivatives Contracts Traded |
36.99 billion |
|
Derivatives Ranking |
World's Largest |
|
Cash Market Position In India |
No.1 |
|
Global Rank By Cash Equity Trades |
No.3 |
NSE IPO Financial Performance Ahead Of NSE Listing
NSE revenue declined 3% year-on-year to ₹16,601 crore in FY26, while net profit fell 15% to ₹10,302 crore. Transaction charge income dropped to ₹13,057 crore from ₹13,636 crore, while clearing and settlement income declined to ₹251 crore from ₹321 crore.
|
Particulars |
FY24 |
FY25 |
FY26 |
|
Revenue (₹ crore) |
14,780 |
17,141 |
16,601 |
|
Net Profit (₹ crore) |
8,305 |
12,188 |
10,302 |
Conclusion: Are There Restrictions on NSE Shareholding?
As a critical piece of India's market infrastructure, NSE operates under strict ownership rules. No foreign or domestic entity can hold more than 5% stake in the exchange without regulatory approval, while certain institutions such as banks and insurance companies can own up to 15%. These limits are designed to ensure diversified ownership and prevent concentration of control.