NSE IPO May Get SEBI Approval Next Week, Price Band Expected On September 11: Report

The National Stock Exchange (NSE) could get approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) next week, bringing the exchange closer to its long-awaited stock market debut.

NSE had filed its Draft Red Herring Prospectus (DRHP) with SEBI in June for an IPO of up to 14.89 crore shares. The issue will be entirely an offer for sale (OFS), meaning existing shareholders will sell their shares and NSE will not receive any money from the issue.

According to an exclusive CNBC-TV18 report, NSE could file an updated prospectus after receiving SEBI's approval. The exchange may announce its IPO price band on September 11 and is targeting a September 25 listing, the report said. CNBC-TV18 has written to SEBI seeking confirmation on the timeline and IPO process, with a response awaited.

NSE IPO: What we know so far

• IPO size: The proposed issue is estimated at around ₹30,000 crore, depending on the final price and number of shares offered.

• Issue type: The NSE IPO will be a 100% offer for sale (OFS). There will be no fresh issue of shares, so the proceeds will go to the existing shareholders selling their holdings.

• Shares on offer: Up to 14.89 crore equity shares will be sold, representing around 6% of NSE's paid-up capital.

• Face value: The equity shares have a face value of ₹1 each.

• DRHP: NSE filed its DRHP with SEBI on June 17, 2026. The exchange's website currently lists the DRHP and an addendum to the document.

• Price band: The final price band has not been announced. CNBC-TV18 reported that NSE could announce it on September 11.

• Possible listing date: NSE is targeting September 25 for its stock market debut, according to the CNBC-TV18 report. The date has not been officially confirmed.

• Expected valuation: NSE has been looking at a valuation of around ₹5.2 lakh crore to ₹5.3 lakh crore, according to an earlier CNBC-TV18 report. At the upper end of that range, the proposed 6% stake sale could raise around ₹31,500 crore.

• Indicative price: An earlier CNBC-TV18 report had put the possible IPO price in the range of ₹2,100 to ₹2,300 per share. This is not the final price band.

• Selling shareholders: The proposed OFS includes shareholders such as State Bank of India, MS Strategic (Mauritius), Stock Holding Corporation of India, General Insurance Corporation, New India Assurance, National Insurance Company and United India Insurance Company.

• LIC stake: Life Insurance Corporation of India, which holds around 10.72% in NSE, is not selling its stake in the proposed IPO.

• Employee reservation: The DRHP provides for a reservation of up to 5% of the post-offer paid-up equity capital for eligible employees.

• Institutional allocation: Up to 50% of the net offer can be allocated to qualified institutional buyers, while the NII category has a minimum allocation of 15% and the retail category a minimum of 35%, according to the DRHP details.

• Lead managers: NSE has appointed 20 banks to work on the IPO, including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC and Citigroup.

Why has the NSE IPO been delayed?

NSE's IPO plans have been held up for years by regulatory issues, including cases related to its co-location facility and dark-fibre connectivity.

The Supreme Court on Thursday dismissed SEBI's appeals related to the cases, removing a key legal hurdle for NSE's proposed listing. The matters had been pending since allegations emerged that some brokers received preferential access to NSE's trading infrastructure.

NSE had also said in July that SEBI had given in-principle approval to settle certain past regulatory lapses, subject to payment of ₹1,491 crore.

With the legal proceedings now providing greater clarity, the focus has shifted to SEBI's approval of NSE's IPO documents and the final issue schedule.

NSE IPO: What happens next?

The next key event is SEBI's decision on NSE's DRHP. If the regulator gives its observations, NSE can move towards filing the updated prospectus and finalising the IPO details.

The price band will determine the valuation at which the exchange seeks to list, while the final number of shares offered will determine the size of the OFS.

For now, September 11 for the price-band announcement and September 25 for the listing are reported targets and have not been officially confirmed by NSE or SEBI. If the timeline reported by CNBC-TV18 holds, NSE could begin its public issue process within days of receiving regulatory clearance.

Also Read - Cable Stocks Crash: KEI, Polycab, RR Kabel, Finolex Fall Upto 8% As UltraTech Launches Ultravolt