NSE plans September IPO, to start global roadshows

The National Stock Exchange of India is preparing to launch its long-awaited initial public offering in September, aiming to raise ₹30,000–32,000 crore via an offer for sale, with formal investor marketing set to begin next week, according to people familiar with the plans. The listing could value NSE at up to ₹5.3 lakh crore, placing it among the largest IPOs in Indian capital market history.

Market Overview

Index	6 Jul 2026 Close	Move & % Change	Comments
NSE (unlisted)	Valued at approx. ₹5.25 trillion	Not listed	Grey market valuation guides IPO expectations.

• NSE is targeting a September listing window, as per people familiar with the process.
• Planned IPO size is about $3 billion, equivalent to ₹30,000–32,000 crore.
• Implied valuation range is ₹5–5.3 lakh crore, based on current discussions.
• At this size, the issue could rival India’s largest past IPOs by proceeds.

IPO Structure and DRHP Details

Statistic	Value/Change	Context
Offer structure	100% offer for sale	Proceeds go to selling shareholders, not NSE.
Shares on offer	Up to 148.9 million	Represents about 6% of NSE’s equity.

• NSE filed its draft red herring prospectus last month for the proposed IPO.
• The issue will not include a fresh share sale or primary capital raise.
• Existing shareholders will pare stakes through the OFS component only.
• Listing follows years of delay due to regulatory and legal hurdles.

Roadshows and Marketing Plan

Market/Asset	Movement	Notes
Global investor interest	To be tested via roadshows	Meetings planned across major financial centres.

• Formal IPO marketing is expected to start as early as next week.
• Investor roadshows are scheduled from July 17, according to sources.
• Meetings will cover the United States, London, Singapore, Hong Kong, Middle East, and India.
• Merchant bankers will present NSE’s business model and financials to institutions.

Bankers and Deal Management

Stock	Sector	Notable Factor
Kotak Mahindra Capital	Investment banking	Appointed as one of the lead managers.
JM Financial	Investment banking	Part of the syndicate for the share sale.
Morgan Stanley	Global investment bank	Mandated for international marketing.
HSBC Holdings	Global bank	Included among appointed bankers.
Citigroup	Global investment bank	On the panel of around 20 banks.

• NSE has appointed about 20 investment banks to manage the IPO.
• The syndicate will coordinate pricing, allocations, and global investor outreach.
• Final marketing strategy, size, and valuation remain under deliberation.

Valuation Context and Peer Pipeline

Statistic	Value/Change	Context
Grey market valuation	Approx. ₹5.25 trillion	Based on unlisted share trading platform data.
Indicative proceeds	Around ₹306 billion	At grey market valuation for 6% stake sale.

• At current grey market levels, NSE’s IPO could exceed some recent large listings.
• The proposed proceeds may surpass past record issues, subject to final pricing.
• The deal sits within a broader pipeline that includes Jio Platforms and SBI MF.
• India is seeking foreign capital amid currency and global market pressures.

Regulatory and Market Backdrop

• NSE’s listing plans had been stalled for years due to regulatory and legal issues.
• Recent regulatory developments have revived the process for a market debut.
• The exchange operates one of the world’s largest derivatives platforms by volume.
• The IPO is expected to be a key event in India’s next large-cap listing cycle.

Risks and Flexibility

• People familiar with the matter say deal terms could still change.
• IPO size, valuation, and exact timeline remain subject to market conditions.
• The OFS-only structure means NSE’s balance sheet will not receive fresh capital.
• Investor reception will influence final pricing and allocation decisions.

Note: figures are approximate; final exchange and deal data not available at time of publication.

FAQs

Q: What is the expected size of the NSE IPO?

• The IPO is expected to raise about $3 billion, or ₹30,000–32,000 crore, via an offer for sale.

Q: When will NSE’s IPO roadshows begin?

• Investor roadshows are slated to start around July 17, with meetings across major global financial centres.

Q: Will NSE receive any funds from the IPO?

• No. The issue is structured as a 100% offer for sale, so proceeds go to existing shareholders, not NSE.

Frequently Asked Questions

What is the expected size of the NSE IPO?

The NSE IPO is expected to raise about $3 billion, or ₹30,000–32,000 crore, through a 100% offer for sale.

When is NSE targeting its IPO listing?

NSE is targeting a September 2026 listing window, subject to market conditions and regulatory clearances.

How much of NSE’s equity will be sold in the IPO?

Existing shareholders plan to sell up to 148.9 million shares, representing around 6% of NSE’s equity.