The long-awaited National Stock Exchange listing has moved one step closer after the exchange received approval from market regulator Sebi to raise funds from Dalal Street investors, potentially making it the biggest-ever IPO in the Indian stock market.
The issue had been delayed for nearly a decade amid regulatory concerns, including the long-running co-location controversy involving the exchange.
The exchange is expected to complete the bidding process and list as early as this month, potentially further expanding the size of the Indian stock market.
The NSE IPO consists entirely of an offer for sale of up to 149 million equity shares by existing institutional shareholders, indicating a total of 6% of NSE’s paid-up capital is being offered to new investors. No fresh equity capital will be issued as part of the transaction.
While the final issue size and valuation will be determined later, market estimates suggest that the IPO size could be around ₹30,000 crore, implying a market capitalisation of more than ₹5 lakh crore, putting it among the top 10 most valuable companies by market capitalisation.
The NSE IPO will surpass Hyundai Motor India’s ₹27,859-crore IPO as well as LIC’s ₹20,557-crore issue. The other biggest IPOs include One97 Communications, Tata Capital, and Coal India, with issue sizes of ₹18,300 crore, ₹15,511 crore, and ₹15,199 crore, respectively.
NSE dominates trading in India’s equity derivatives market and is the world’s most active derivatives exchange by contracts traded. The exchange operates India’s benchmark Nifty 50 index.
NSE IPO could hit the market this month
The National Stock Exchange is planning to list in the week starting September 21, two sources familiar with the matter told Reuters.
The exchange is expected to begin the book-building process, which is used to gauge investor demand and determine the IPO price, on September 11, with the price band likely to be announced on September 15, the report said citing one of the sources.
Bankers tracking the deal expect shares to be priced around ₹2,000 apiece, in line with where the stock has been trading in the pre-listing grey market, with a formal price band expected to be announced around September 11, as per the PTI report.
NSE was incorporated in 1992. It was recognised as a stock exchange by Sebi in April 1993 and commenced operations in 1994 with the launch of the wholesale debt market, followed shortly after by the launch of the cash market segment.
NSE’s long road to IPO
NSE’s path to the market has been one of India’s longest-running corporate sagas. The exchange first filed its IPO papers in 2016 to raise around ₹10,000 crore through an OFS by existing shareholders, but its listing plans were derailed by the co-location controversy.
The issue dates back to 2015, when three whistleblowers complained to Sebi that certain brokers had received preferential access at NSE’s co-location facility through early logins, allegedly giving them an advantage over other brokers.
As the case dragged on, NSE’s IPO plans were shelved amid a leadership overhaul. In September 2024, Sebi closed proceedings in the co-location case against NSE and its officials, citing a lack of evidence.
The exchange’s IPO plans gained further momentum in January 2026, when NSE, under new management, reached a settlement with Sebi and received approval to refile its IPO papers.
On June 17, 2026, NSE filed draft papers for its initial public offering, marking a major step towards its long-awaited listing after years of regulatory delays.
On September 4, the exchange received Sebi’s regulatory approval for the IPO, paving the way for a potential ₹30,000-crore public issue that could become India’s biggest-ever IPO.
Rival BSE, which went public in 2017, has seen its shares surge 28-fold.
NSE financial performance
The exchange reported a 15% decline in profit after tax to ₹10,302 crore in FY26, compared with ₹12,188 crore in FY25. Total income also slipped to ₹18,713 crore in FY26 from ₹19,177 crore in the previous fiscal.
During the June quarter, NSE reported a 7% rise in consolidated profit after tax (PAT) to ₹3,120 crore from ₹2,924 crore in the corresponding quarter of the previous fiscal. Its total income increased 9% year-on-year to ₹5,252 crore in the April-June quarter of FY27 from ₹4,798 crore a year ago.
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