The National Stock Exchange of India (NSE) has concluded the selection of merchant bankers, legal advisors and other intermediaries for its proposed initial public offering (IPO), marking a key step in the long-awaited listing process.

In a press release dated March 12, the exchange said the selection was conducted through a structured and competitive process under a framework approved by its IPO committee. The intermediaries will assist with regulatory filings, due diligence, documentation, marketing and execution of the public issue.

A total of 20 merchant bankers have been appointed. These include Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets India, IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.

The exchange has not disclosed the size of the proposed IPO yet. The issue is expected to be structured largely as an offer for sale (OFS) by existing shareholders, with the final size to be determined after merchant bankers prepare the draft red herring prospectus.

Which law firms and other intermediaries will work on the issue?

NSE has also selected eight law firms to advise on the offering. These include Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal.

Other intermediaries appointed for the IPO include MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.

The exchange added that Rothschild & Co India, which acted as the process advisor for selecting IPO intermediaries, has completed its engagement following the conclusion of the selection process.

What has NSE said earlier about its IPO plans?

Earlier, NSE managing director and CEO Ashish Kumar Chauhan had told Fortune India that the  exchange was in the process of finalising merchant bankers for the IPO and that the listing plans were progressing.

Why has the NSE IPO taken so long?

NSE first filed draft papers for an IPO in 2016, but the listing was delayed for several years due to regulatory and governance issues, including the co-location controversy.

The exchange has since been working with regulators to address these concerns and move forward with the listing process.