NSE Files DRHP For What Could Be India’s Biggest-Ever IPO; Valuation Seen At ₹5 Trillion

India’s largest stock exchange, the National Stock Exchange of India (NSE), has formally filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), reviving a listing plan that has been delayed for nearly a decade. The proposed public issue could become India’s largest-ever initial public offering (IPO), with the exchange reportedly valued at around ₹5 trillion.

Offer Structure And Issue Size

The NSE IPO will be entirely an Offer for Sale (OFS), with no fresh issue of shares by NSE. According to the DRHP, approximately 148.9 million equity shares, representing nearly 6% of the exchange’s outstanding equity capital, will be sold by existing shareholders. Based on the estimated valuation of ₹5 trillion, the offering could be worth around ₹30,000 crore ($3 billion), potentially surpassing previous record-breaking Indian IPOs.

Among the shareholders expected to dilute their stakes are major institutions such as State Bank of India, Tiger Global Management, Temasek Holdings, and Canada Pension Plan Investment Board. The exchange currently has more than 200,000 shareholders, making it one of the most widely held unlisted companies in India.

End Of A Decade-Long Wait

NSE first attempted to go public in 2016, but the process was stalled following regulatory scrutiny related to the exchange’s co-location controversy. Over the years, the exchange worked through various legal and regulatory challenges before receiving the necessary clearance to move ahead with its listing plans.

Strong Financial Performance Supports Valuation

For FY 2026, NSE generated ₹18,700 crore in revenue. The net profit stood at ₹10,302 crore. Transaction charges remain the largest contributor to revenue. They accounted for more than four-fifths of the total income.

Further, the exchange remains a major force in Indian capital markets. It currently serves approximately 257 million investor accounts and maintains a major position in cash and derivatives trading.

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Sources

Livemint

Reuters

Times of India