Kolkata: The long-awaited NSE IPO is expected to hit the market later this year and now the company is working full throttle towards it. The National Stock Exchange is the country’s largest stock exchange. NSE is reportedly targeting a valuation of about Rs 5 lakh crore through this public issue. If it works out finally, it is going to be one of the most high-profile public issues in the history of India’s equity market. NSE is expected to file the prospectus to Sebi in about two months from now.
Valuation target
It has been reported that NSE plans to sell 4-5% of the company’s stake in its IPO. This stake will be sold through an Offer for Sale (OFS). It means that the company will not issue any shares, and therefore, no money will accrue to the company. On the contrary, the promoters and current shareholders will sell some of their shares and the proceeds of the issue will go to their pocket.
The valuation target is one of the reasons why the NSE IPO is being closely followed by investors.
20 merchant bankers, 8 law firms
To take forward the public issue, NSE has appointed a battery of 20 merchant banks. These merchant bankers will help manage the entire IPO process. Their role will be to structure the issue, provide information to investors and facilitate the listing process. The NSE said this week that its IPO committee headed by NSE chairman and former bureaucrat Srinivas Injeti, has approved the selection of intermediaries.
The merchant bankers appointed by NSE include SBI Capital Markets, Morgan Stanley, Citigroup, Kotak Mahindra Capital, JM Financial, Axis Capital, ICICI Securities, Nuvama Wealth Management, Avendus Capital and JPMorgan, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital. Reports say no IPO earlier has appointed so many merchant bankers. The earlier record was held by ICICI Prudential AMC that hired 18 bankers for its Rs 10,600 crore IPO in Dec 2025.
NSE has also appointed as many as eight law firms. These will provide legal advice for the issue and ensure regulatory compliance. These are Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas and Trilegal. MUFG Intime India will be the registrar to the issue.
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