NSE IPO Gets SEBI NOC; September Listing Target Comes Into Focus
NSE has received SEBI’s NOC for its long-awaited IPO, bringing the exchange closer to a potential September 2026 listing. Here are the key IPO details investors should know.
NSE has received a no-objection certificate from SEBI for its long-awaited IPO, bringing the exchange closer to a potential September 2026 listing. The proposed issue will be entirely an OFS of up to 14.89 crore shares, with valuation and pricing yet to be finalised.
The National Stock Exchange (NSE) has moved another step closer to its long-awaited stock market debut after receiving a no-objection certificate (NOC) from the Securities and Exchange Board of India (SEBI).
NSE Managing Director and CEO Ashishkumar Chauhan confirmed the regulatory development while speaking at FICCI's Annual Capital Markets Conference 2026. He thanked the SEBI chairman for giving the go-ahead for the exchange's IPO.
The development comes after NSE filed its Draft Red Herring Prospectus (DRHP) on June 17, 2026, setting the stage for one of India's most closely watched IPOs. The exchange's own investor-relations website confirms the June 17 DRHP filing with SEBI and BSE.
NSE IPO: September Listing On The Radar
NSE is targeting a September 2026 listing on the BSE, according to an earlier report by multiple media houses. However, the timeline is not final. The exchange must complete the regulatory process, while the final issue size and valuation will also depend on market conditions and investor response during roadshows.
The proposed IPO could become the largest public issue in India's stock market history. Street estimates have placed the issue size at more than ₹30,000 crore, potentially surpassing Hyundai Motor India's ₹27,870 crore IPO.
NSE IPO Structure: Entirely Offer For Sale
NSE's proposed public issue will comprise an offer for sale (OFS) of up to 14.89 crore equity shares. The shares represent nearly 6% of the exchange's paid-up equity capital. Since there is no fresh issue, NSE itself will not receive proceeds from the IPO. The money will go to shareholders selling their stakes.
State Bank of India is set to be the largest participating shareholder, offering up to 2.475 crore shares. NSE's largest shareholder, Life Insurance Corporation of India, will not sell shares in the IPO.
The final amount raised will depend on the IPO price, which has not yet been fixed.
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NSE IPO Valuation
The exchange could seek a valuation of up to ₹5.26 lakh crore, or around $55 billion, according to an earlier Bloomberg report cited by NDTV Profit. The final valuation, however, remains subject to the IPO process and investor demand.
NSE's progress marks a milestone for an IPO that has been delayed for nearly a decade. With the latest regulatory clearance and the DRHP already filed, investors are now watching for SEBI's final observations and the exchange's formal IPO schedule.
If the September target holds, NSE could soon become a listed company and give public-market investors an opportunity to own a stake in India's largest stock exchange.
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