NSE IPO

NSE IPO News

• June-July 2026 (Expected) - The DRHP filing is expected by June or early July 2026. Once filed, SEBI will review the document and based on the 7-8 month post-NOC timeline indicated by NSE's CEO, the IPO is expected to debut in late 2026.

• June 1, 2026: For its proposed IPO, the exchange and the lead bankers recently held discussions and are likely to move ahead with filing the Draft Red Herring Prospectus (DRHP) with SEBI. Preparations for the filing are already underway, with work on the DRHP progressing actively.

• May 6, 2026: NSE has reportedly directed its bankers to speed up the filing of its draft red herring prospectus (DRHP), setting June 15 as the deadline for submission.

• March 12, 2026 - NSE formally appointed its registrar - MUFG Intime India - and a large consortium of 20 Book Running Lead Managers including Kotak Mahindra Capital, JM Financial, Axis Capital, Morgan Stanley India, J.P. Morgan India, HSBC, Citigroup, ICICI Securities, SBI Capital Markets, and others.

• February 26, 2026 - NSE issued a request for proposals (RFPs) to investment banks, inviting them to pitch for advisory roles on its $2.5 billion IPO. Rothschild & Co. had already been appointed as an independent adviser to oversee the listing process and lead the selection of bankers and legal counsel. NSE aimed to finalise adviser selection by mid-March 2026.

• February 16, 2026 - The Delhi High Court dismissed a petition challenging SEBI's NOC for the NSE IPO, calling the plea an attempt to "interdict" the listing process. The decision removed an important legal hurdle in NSE's long-pending plan to go public.

• February 10, 2026 - A writ petition was filed in the Delhi High Court by former judicial officer KC Aggarwal, challenging SEBI's NOC. The petitioner alleged that NSE had breached SEBI's Corporate Action Adjustments (CAA) framework in its handling of derivative contracts.

• February 6, 2026 - NSE's board formally approved the IPO plan and reconstituted its IPO Committee to supervise all activities related to the public issue. The committee is chaired by Tablesh Pandey, a non-independent director and former LIC Managing Director, and includes NSE MD & CEO Ashishkumar Chauhan.

• January 30, 2026 - After a decade-long wait, SEBI issued its No Objection Certificate (NOC) to NSE - the mandatory regulatory clearance required for any market infrastructure institution before filing for an IPO. NSE CEO Ashish Chauhan stated DRHP preparation would take 3-4 months, with the full IPO process expected to take 8-9 months.

• January 10, 2026 - SEBI Chairman Tuhin Kanta Pandey publicly confirmed that the regulator would issue the NOC to NSE by month-end, stating that the exchange should be given the NOC before the end of January 2026.

• October 21, 2025 - During Diwali Muhurat Trading 2025, NSE MD & CEO Ashish Chauhan stated the NSE IPO could be listed by 2026 if SEBI grants its NOC soon, noting the exchange plans a listing within 8-10 months after approval.

• June 20, 2025 - NSE filed its settlement application with SEBI, offering ₹1,387.39 crore to settle the co-location and dark fibre cases - the largest-ever settlement plea made with the markets regulator and a critical step that paved the way for the eventual NOC.

• October 4, 2024 - SEBI passed its settlement order confirming NSE's payment of ₹643 crore (remitted on 25 September 2024) to settle the Trading Access Point (TAP) misuse case involving former MD & CEO Vikram Limaye and eight others, resolving a key regulatory hurdle on the path to the IPO.

• December 28 2016 - NSE filed its first DRHP with SEBI, planning a ₹10,000 crore public issue via the OFS route. The process was subsequently stalled due to the co-location controversy, where certain brokers were allegedly given preferential access to NSE's trading systems.

About NSE IPO

The National Stock Exchange (NSE) IPO is finally moving forward after nearly a decade of delays. NSE has settled major regulatory disputes with SEBI, clearing the path for its long-awaited listing. Following SEBI's No Objection Certificate (NOC) issued on January 30, 2026, NSE's board formally approved the IPO plan on February 6, 2026, marking a decisive step forward in the exchange's decade-long listing journey. The exchange is expected to file its Draft Red Herring Prospectus (DRHP) by June 2026, with a potential listing before December 2026, raising over ₹21,000–₹25,000 crore through an Offer for Sale (OFS), depending on final valuations and market conditions.

The NSE IPO is expected to be among India's largest-ever public offerings. The listing could value the exchange at over ₹4.7-5 lakh crore. NSE shares are currently trading in the unlisted market in the range of ₹1,935 (as of April 25, 2026), with a 52-week range of ₹1,573–₹2,349.

Established in 1992 and having started operations in 1994 as India’s first electronic stock exchange, NSE has evolved into the country’s largest and most trusted platform for capital market activity. Their services include:

• Trading Services
  
• Listing Services
  
• Clearing and Settlement
  
• Market Infrastructure and Data Services
  

Objectives of NSE IPO

TBA

Industry Outlook

Indian capital markets have entered a new developmental phase. From the early 1990s, India’s capital markets underwent a fundamental transformation. This laid the groundwork for modern trading. Digital infrastructure expansion took place in the 2000s and 2010s, and it ushered in an era of market expansion.

Greater global integration, coupled with deeper institutionalisation, has further propelled Indian capital markets. Over the last 10 years, Indian capital markets have facilitated capital raising of around ₹93 lakh crores across equity and debt issuances.

About NSE

Incorporated in 1992, NSE was recognised as a stock exchange by Sebi in April 1993 and it commenced operations in 1994. Over the years, its sustained leadership positions across asset classes in the domestic and global sectors. It started operations with the launch of the wholesale debt market and over the years have expanded its lines of business and product offerings.

Strengths of NSE

TBA

Risks of NSE

TBA

Anchor Investor Bidding Date: TBA

Registrar: MUFG Intime India (formally appointed by NSE on March 12, 2026).
Book Running Lead Managers: Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors, and Equirus Capital. (formally appointed by NSE on March 12, 2026)

NSE Business Model

NSE’s integrated business model spans trading, clearing and settlement, indexing, and market data services, powering the orderly growth of capital markets in India. NSE provides:

• Trading services - NSE offers a robust, high-speed, technology-led platform across asset classes like equities, debt, commodities, currencies and their derivatives, and exchange-traded funds (ETFs).

• Clearing and settlement - NSE Clearing Limited (NCL), NSE’s clearing arm, acts as the central counterparty to all trades, ensuring timely and risk-managed settlement.

• Listing services: NSE is the preferred listing platform for Indian corporates, offering enhanced capital access, credibility, and visibility.

• Market infrastructure and data services: Beyond trading and listing, NSE supports the market through real-time index solutions, data dissemination, and analytics services.

NSE Growth Trajectory

(Consolidated)

NSE’s Total Income for FY25 was ₹19,176.83 crores, whereas in FY24, it was ₹16,433.61 crores.

The Profit After Tax for FY25 was ₹12,187.69 crores, whereas in FY24, it was ₹11,184.28 crores.

Their EBITDA for FY25 was ₹₹12,881 crores, whereas in FY24, it was ₹₹11,200 crores.

NSE Market Position

NSE ranks as the world’s fifth largest stock exchange. According to a Bloomberg report, NSE has achieved a valuation of $58 billion in private markets. As of March 31, 2025, NSE had experience in integrating 44 distinctive technology systems in the ITSS systems framework, and had completed 600 projects across 19 countries, having served over 400 customers. As per its annual report for FY 24-25, NSE’s domestic market share in equity cash, equity options (premium value) and equity futures stood at 93.6%, 87.4% and 99.9%, respectively. It has ~22 crores investor accounts and is India's number one clearing corporation.

As of 31 March 2025, NSE’s Total Income, Profit After Tax, and EBITDA were ₹19,176.83 crores, ₹12,187.69 crores, and ₹12,881 crores, respectively.

How to apply for NSE IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.