The National Stock Exchange of India (NSE), the country’s largest stock exchange, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on 17 June 2026, paving the way for its much-anticipated stock market debut.
The proposed IPO, estimated at around ₹30,000 crore, is poised to be the largest public issue in the history of India’s capital markets, according to reports.
If the issue size materialises as expected, the NSE IPO will surpass Hyundai Motor India’s ₹27,870-crore offering launched in October 2024, which currently holds the record for the country’s biggest-ever IPO, according to a Reuters report.
The listing will also overtake Life Insurance Corporation of India’s (LIC) ₹21,000-crore public issue in May 2022, which had previously set the benchmark for the largest IPO in India.
Other notable mega listings in recent years include One97 Communications (Paytm), which raised ₹18,300 crore in 2021, Tata Capital’s ₹15,512-crore IPO in 2025, and Coal India’s ₹15,199-crore issue in 2010.
NSE’s proposed market debut comes at a time when activity in India’s primary market has moderated. According to an Equirus Capital report, 23 companies have collectively raised more than ₹27,000 crore through IPOs so far in 2026 amid heightened market volatility and global macroeconomic uncertainties.
The slowdown follows two record years for India’s IPO market. In 2025, as many as 103 companies raised a combined ₹1.76 lakh crore through public offerings, surpassing the ₹1.6 lakh crore mobilised by 90 issuers in 2024. In comparison, 57 companies had raised ₹49,436 crore through IPOs in 2023.
NSE IPO: 10 key highlights investors should know
1. Pure stake sale, no fresh capital for NSE
The National Stock Exchange’s proposed IPO consists entirely of an offer-for-sale (OFS) of up to 14.89 crore equity shares, representing nearly 6% of the exchange’s paid-up equity capital. Since no fresh shares are being issued, the exchange will not receive any proceeds from the public issue. The entire amount raised will accrue to the selling shareholders. The price band for the IPO is yet to be announced.
2. Major Financial Institutions set to dilute holdings
Ten institutional investors will pare their stakes through the offering. These include State Bank of India, Canada Pension Plan Investment Board, Bank of Baroda, General Insurance Corporation of India, Stock Holding Corporation of India, National Insurance Company, United India Insurance Company, The New India Assurance Company, MS Strategic (Mauritius) and Aranda Investments (Mauritius). Notably, Life Insurance Corporation of India (LIC) is not participating in the share sale.
3. Institution-Owned exchange with no promoter
Unlike most listed Indian companies, NSE operates without an identifiable promoter. Ownership is widely distributed among financial institutions and strategic investors, with no single shareholder exercising controlling influence over the exchange.
4. Dominant position across India’s capital markets
NSE remains India’s largest stock exchange across multiple segments, including cash equities, equity derivatives and currency derivatives. The exchange has maintained leadership in the equity, cash, and derivatives segments for more than two decades. Globally, NSE ranks as the world’s largest equity derivatives exchange by contracts traded and is among the leading exchanges by cash equity transaction volumes.
5. Strong revenue base despite regulatory headwinds
The exchange generated revenue from operations of ₹16,601 crore in FY26, reflecting continued growth in trading and market-related activity. Profitability remains robust, with net profit standing at ₹10,302 crore. However, earnings moderated compared with FY25, largely due to SEBI’s regulatory measures to curb excessive activity in the equity derivatives market.
6. Consistent dividend payout track record
NSE has maintained a strong dividend distribution history backed by healthy cash flows. The exchange paid a dividend of ₹35 per share in both FY25 and FY26, underscoring its ability to generate significant free cash despite ongoing investments in technology and infrastructure.
7. Investor reach expands across India
The exchange’s investor base has expanded rapidly over the last six years. The number of unique registered investors on the NSE platform grew from around 31 million in March 2020 to over 129 million by March 2026. The platform now reaches more than 99% of India’s PIN codes, highlighting the growing penetration of equity investing across the country. Fund mobilisation through the exchange touched ₹20.3 trillion during FY26.
8. Technology backbone handles massive trading volumes
Technology remains central to NSE’s operations. The exchange currently processes between 12 billion and 14 billion messages every day and has demonstrated the capacity to handle record trading activity. NSE has also increased investments in technology infrastructure and is exploring the use of artificial intelligence in areas such as market surveillance, compliance monitoring and software development.
9. Diversified business model beyond trading
NSE’s ecosystem extends far beyond stock trading. The exchange operates businesses spanning clearing and settlement, index services, market data, analytics and international trading through its GIFT City platform. It has also secured approval to establish a national coal trading exchange and has expanded into commodity-linked products, including electricity futures, strengthening its non-transaction revenue streams.
10. BSE chosen as listing venue
Given the regulatory conflict associated with self-listing, NSE’s shares will be listed on the BSE. The IPO is being managed by a consortium of 20 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, HSBC, SBI Capital Markets, JPMorgan, Citi, ICICI Securities, Axis Capital, JM Financial and HDFC Bank. MUFG Intime India has been appointed as the registrar to the issue.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
