NSE IPO Receives SEBI Approval; Issue Could Be Worth Over Rs 30,000 Crore
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SEBI has cleared the NSE IPO, potentially India's largest ever at over Rs 30,000 crore, surpassing Hyundai Motor India's offer, with the exchange targeting a valuation of up to Rs 5.26 lakh crore.
The initial public offering (IPO) of the National Stock Exchange (NSE) has received approval from the Securities and Exchange Board of India (SEBI), confirming an earlier NDTV Profit newsbreak on the development.
Speaking at FICCI's Annual Capital Markets Conference 2026, NSE CEO Ashishkumar Chauhan confirmed the approval and thanked the SEBI chairman for giving the go-ahead for the exchange's public listing.
NDTV Profit had reported on July 30 that NSE was expecting to get listed on the BSE by September 2026. The report had also said, citing sources, that SEBI was likely to approve the NSE IPO draft red herring prospectus (DRHP) by mid-August.
The final issue size, valuation and listing timeline will depend on market conditions and feedback from investors during the roadshows.
NSE IPO To Be An Offer For Sale
NSE, which operates one of the world's largest derivatives exchanges by trading volume, filed its draft IPO papers with SEBI on June 17 this year.
As per the DRHP, the NSE IPO will comprise entirely an offer for sale (OFS). Existing shareholders plan to sell up to 14.89 crore equity shares, representing nearly 6% of NSE's paid-up equity capital.
The IPO will therefore allow existing shareholders to sell part of their holdings, with NSE itself not receiving proceeds from the offer.
NSE IPO Valuation, Issue Size
According to Street estimates, the NSE IPO could be worth more than Rs 30,000 crore. If the issue goes ahead at that size, it would become the biggest IPO in the Indian stock market, surpassing Hyundai Motor India's Rs 27,870 crore issue.
Bloomberg had earlier reported, citing people familiar with the matter, that NSE was seeking a valuation of as much as Rs 5.26 lakh crore ($55 billion) through the IPO.
The final valuation and issue size could change depending on market conditions and investor demand during the IPO process.
NSE IPO: 20 Banks Appointed
NSE has appointed 20 banks to work on the proposed IPO. The list includes Kotak Mahindra Capital Company, JM Financial, Morgan Stanley, HSBC Holdings and Citigroup.
The appointment of the banks comes as NSE moves ahead with preparations for what is expected to be one of the largest listings in India's capital markets.
With SEBI approval now in place, the exchange can proceed with the next stages of the IPO process, including investor roadshows and finalisation of the issue details.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto is a business journalist with 8+ years of experience in financial journalism. She covers equity markets, corporate earnings, IPOs, commodities and the economy.
As a reporter with leading business publications, she has tracked financial markets and covered sectors including banking and financial services, retail, consumer goods, advertising and e-commerce.
Outside work, she enjoys travelling, discovering local cultures and spending time in nature.
