NSE IPO May Move Ahead Next Week; Draft Papers Likely Through OFS Route

After years of waiting, the National Stock Exchange (NSE) could finally take another major step towards its public listing.

According to reports, the exchange is expected to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) as early as next week.

The NSE IPO is likely to be structured entirely as an offer for sale (OFS), which means the company itself may not issue any fresh shares.

If the current timeline holds, the filing could take place around 15 June or 16 June, marking fresh progress in one of India's longest-running IPO stories.

No Fresh Share Issue Expected

People familiar with the development have indicated that the IPO may largely involve existing shareholders selling part of their stake.

Earlier reports had suggested that the listing could involve the sale of around 4-4.5% equity, with the total issue size potentially ranging between $1.5 billion and $2.5 billion, or roughly ₹23,000 crore, depending on market conditions and the final valuation.

The move comes after NSE's board approved the IPO proposal on 6 February, following the receipt of a no-objection certificate (NOC) from the Securities and Exchange Board of India (SEBI).

Since the issue is expected to be an OFS, the proceeds from the sale would go to the existing shareholders rather than to the exchange itself.

Large Banker Consortium In Place

NSE has already put together a large team to handle the public issue.

In March 2026, the exchange appointed 20 merchant bankers, along with legal advisers and other intermediaries, to manage the listing process.

The list includes Kotak Mahindra Capital, 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, 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.

Under existing SEBI regulations, NSE cannot list its shares on its own platform. As a result, the exchange is expected to list on the Bombay Stock Exchange (BSE).

A Long Road To The Stock Market

This is not NSE's first attempt to go public.

The exchange had initially filed draft papers back in 2016, aiming to raise around ₹10,000 crore through an offer for sale by existing investors.

However, the process was put on hold after regulatory concerns related to the co-location matter. Over the years, NSE has made several approaches to the regulator seeking approval to revive its listing plans.

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The expected DRHP filing next week could therefore mark an important milestone in a process that has remained in limbo for nearly a decade.

If the proposal moves ahead as planned, investors may soon get a clearer picture of the issue structure, valuation and the shareholders participating in what could become one of the country's most closely watched IPOs.

Sources:

News18

Business Standard