The much-awaited initial public offering (IPO) of the National Stock Exchange (NSE) is finally moving towards the finish line, after nearly a decade of regulatory delays. The Securities and Exchange Board of India (SEBI) has now cleared NSE’s IPO, paving the way for what could become India’s biggest-ever public issue.
The proposed IPO is expected to raise around ₹30,000 crore, surpassing Hyundai Motor India’s ₹27,870-crore issue from 2024. NSE could be valued at more than ₹5 lakh crore, making its listing one of the most significant events in India’s capital markets.
Importantly, the IPO will be an Offer for Sale (OFS) rather than a fresh issue. Around 14.89 crore shares, equivalent to roughly 6% of NSE’s equity, are expected to be sold by existing shareholders. State Bank of India is among the largest sellers, while major shareholders such as LIC are not expected to participate in the offer.
The timing is particularly significant. NSE is the dominant stock exchange in India and operates the benchmark Nifty 50 index. It is also the world’s largest derivatives exchange by contracts traded, giving the IPO enormous visibility among both domestic and international investors.
Sources indicate that NSE could announce its price band around September 15, with the IPO potentially opening in mid-September and a listing targeted around September 25. Reports suggest the issue could be priced around ₹1,800 per share, although the final price band is yet to be officially announced.
The IPO also marks an important turning point for NSE itself. Its public listing had been held up by regulatory constraints. Recent regulatory and legal developments have removed major obstacles.
If the issue proceeds as expected, the NSE IPO will not merely be another blockbuster listing, it will effectively be the stock market listing of the institution that powers India’s stock market.
