The much-awaited IPO of the National Stock Exchange (NSE) may reach an important milestone next week. According to sources related to the matter, NSE may file preliminary documents for the IPO with the Securities and Exchange Board of India (SEBI) on June 15 or 16. The Board of Directors of NSE had approved the proposed IPO on February 6. This approval was given after receiving No-Objection Certificate (NOC) from SEBI.
PTI has quoted sources as saying that this IPO will be completely based on Offer for Sale (OFS), that is, no new shares will be issued by the country’s largest stock exchange. Existing shareholders will sell their stake. Shareholders of NSE include domestic financial institutions, insurance companies, foreign investors and individual investors. Life Insurance Corporation of India, the country’s largest insurance company, is the largest shareholder of NSE with 10.72 percent stake. Whereas the combined stake of State Bank of India and its subsidiary SBI Capital Markets is about 7.5 percent.
Temasek’s subsidiary Aranda Investments and Canada Pension Plan Investment Board (CPPIB) also have significant stake among foreign investors. NSE’s listing plan was stuck for almost a decade due to various regulatory reasons, especially the co-location controversy. The IPO process gained momentum again after SEBI gave NOC in January.
IPO could be the biggest
According to market experts, this could be one of the biggest IPOs in India’s capital market. The valuation of NSE in the unlisted market is being estimated at more than Rs 5 lakh crore. The exchange has approximately 1.8 lakh shareholders. It is noteworthy that NSE had first filed IPO documents in 2016 to raise about Rs 10,000 crore, but SEBI had withheld the approval due to concerns related to operations and co-location issue. As part of the preparations for the IPO, NSE has appointed 20 merchant bankers apart from legal advisors and other intermediaries.
In the co-location case, NSE had filed a settlement application with SEBI in June 2025. In this case, some brokers were accused of getting special access to the trading system of the exchange. After a legal process that lasted for years, NSE had offered to pay Rs 1,388 crore for the settlement of the case in 2025, which eased the way for its listing. Analysts believe that after the filing of documents, there will be more clarity regarding the timeline and size of NSE’s IPO.
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