Stock Market: A big milestone is about to come in the history of the Indian stock market. Market regulator SEBI has given the green signal to the IPO of the country’s largest stock exchange, National Stock Exchange (NSE). SEBI issued its observation letter to NSE on 4 September. With this, the path for NSE’s long awaited listing in the stock market has become clear to a great extent. Now the eyes of investors are fixed on the date, price band and listing of IPO.
NSE had filed its draft red herring prospectus (DRHP) with SEBI on June 17, 2026. Even before this, NSE listing was planned, but this process was stopped about a decade ago due to regulatory reasons. Now after receiving the observation letter from SEBI, the IPO process has reached its final stage. According to market sources, NSE may move towards launching an IPO and listing its shares on BSE by the end of this month. However, the dates have not been officially announced yet. There is talk in the market that RHP filing may happen soon, while talks are going on with merchant bankers regarding the price band and IPO opening date. The possibility of listing is also being expressed around September 25.
IPO could be worth around Rs 30,000 crore
NSE’s IPO will be completely an offer for sale (OFS). That is, in this NSE will not issue new shares, rather the existing shareholders will sell their shares. A total of about 14.89 crore equity shares, i.e. a stake equivalent to about 6 per cent of the paid-up capital of NSE, can be put up for sale. The size of the IPO is estimated to be around Rs 30,000 crore based on the unlisted market valuation at the time of filing of DRHP. At the same time, at a possible valuation of around Rs 5 lakh crore, this IPO can become India’s biggest IPO. It may also surpass Hyundai Motors India’s Rs 27,870 crore IPO in 2024. However, the final size and valuation will be clear only after the price band is decided.
These big investors including SBI will sell stake
Many big existing shareholders will sell their stake in NSE’s IPO. Among these, SBI Group is the largest shareholder selling shares, which can offer about 2.475 crore shares. Apart from this, MS Strategic (Mauritius), CPPIB, Aranda Investments, Bank of Baroda and Stock Holding Corporation of India are also among those selling their stake. Along with this, some other institutional and individual shareholders including GIC Re, New India Assurance, National Insurance Company and United India Insurance Company will also participate in the OFS.