NSE Appoints 20 Investment Banks For Upcoming IPO

India’s largest stock exchange, the National Stock Exchange (NSE), has taken a major step toward its long-awaited public listing by appointing a consortium of 20 investment banks to manage its upcoming initial public offering (IPO). The move signals renewed momentum in one of the most anticipated listings in India’s capital markets, which has faced regulatory delays for years. The exchange has selected a mix of global investment banks and domestic financial institutions to handle valuation, documentation, marketing, and execution of the share sale.

The IPO is expected to be among the largest in India’s financial sector, potentially raising around $1.5 billion (approximately ₹22,700 crore) depending on valuation and market conditions.

With global giants such as Morgan Stanley and J.P. Morgan joining leading Indian investment banks, the appointment of a record number of merchant bankers reflects the complexity and scale of the offering. But which firms have been selected, and what does this mean for the timeline of the much-awaited NSE IPO?

Which Investment Banks Have Been Appointed For The NSE IPO?

The NSE has appointed 20 merchant bankers to manage the IPO. Thus, marking the highest number of bankers ever engaged for an Indian public issue. The consortium includes both international investment banks and major domestic institutions.

Full List Of Merchant Bankers

• 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

• Anand Rathi Advisors

• Morgan Stanley India

• Citigroup Global Markets India

• J.P. Morgan India

• HSBC Securities

• DAM Capital Advisors

• Pantomath Capital advisors

• Equirus Capital

• IDBI Capital Markets and Securities

• 360 ONE WAM

These firms will jointly handle tasks such as drafting the Draft Red Herring Prospectus (DRHP), investor roadshows, pricing strategy, and allocation planning for the public issue.

Why Did NSE Appoint 20 Merchant Bankers?

The appointment of 20 merchant bankers surpasses the previous Indian record of 18 bankers. Here are the factors that led to this:

• Large Investor Base: NSE is India’s largest unlisted company by investor count, with numerous institutional and financial shareholders.

• Global Investor Participation: The IPO is expected to attract foreign institutional investors.

• Scale of Offering: Based on estimates, the IPO could be $1.5 billion, or around ₹22,700 crore.

What Is The Expected Timeline For The NSE IPO?

The appointment of merchant bankers is one of the key preparatory steps that the company has to follow before filing the Draft Red Herring Prospectus with the regulator.

The IPO process had previously been delayed due to regulatory issues. This includes a ₹11 billion (about $120 million) penalty imposed in 2019 related to governance and trading access concerns. However, after receiving regulatory clearance earlier in 2026, the exchange has accelerated preparations for the listing.

Also read: Innovision IPO Sees Weak Subscription: Closing Date Extended, Price Band Revised

Key Details Every Investor Should Know

• Stake Dilution: According to the estimates, the NSE may offer 4–4.5% of its equities.

• Financial Performance: The exchange reported consolidated net profit of about ₹2,409 crore in Q3FY26, up from ₹2,098 crore in the preceding quarter, reflecting nearly 15% year-on-year growth.

Sources:

NDTV Profit

Economic Times

Reuters

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