NSE files draft IPO papers for Rs 30,000 crore mega offer; set to become India’s biggest listing
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The National Stock Exchange (NSE) on Wednesday filed preliminary papers with markets regulator Sebi for its much-awaited IPO, estimated at around Rs 30,000 crore, a share sale that is poised to become the largest public issue in Indian stock market history.
The filing marks a major milestone for NSE, whose listing plans had been stalled for nearly a decade due to regulatory hurdles, including the co-location controversy.
The public issue will be entirely an offer for sale (OFS) of 14.89 crore shares with existing shareholders collectively divesting nearly 6 per cent of the exchange's stake, according to the draft red herring prospectus (DRHP).
Among the top-selling shareholders, State Bank of India will offload up to 2.48 crore shares, followed by MS Strategic (Mauritius) Limited with 1.60 crore shares.
Meanwhile, Life Insurance Corporation of India (LIC), the single largest shareholder in NSE, holding a 10.72 per cent stake, will not offload any shares.
Other key sellers include Canada Pension Plan Investment Board (1.19 crore shares), Aranda Investments (Mauritius) Pte Ltd (1.12 crore shares), Bank of Baroda (1.10 crore shares), Stock Holding Corporation of India Ltd (1.09 crore shares), General Insurance Corporation of India (1.07 crore shares), The New India Assurance Company (1.05 crore shares), National Insurance Company (0.60 crore shares) and United India Insurance Company (0.60 crore shares).
The State Bank of India (SBI) has a 3.23 per cent stake in the NSE, and its subsidiary, SBI Capital Markets, holds a 4.33 per cent stake in the exchange. Stock Holding Corporation of India owns a 4.44 per cent stake.
According to people familiar with the matter, the IPO size could be around Rs 30,000 crore, implying a market capitalisation of over Rs 5 lakh crore. NSE has around 1.8 lakh shareholders, This long-awaited public offering will surpass the previous record held by Hyundai Motor India's Rs 27,870 crore issue launched in October 2024.
The filing comes after NSE's board approved the proposed IPO on February 6 following receipt of Sebi's no-objection certificate (NOC).
NSE had first filed draft offer documents in 2016 to raise around Rs 10,000 crore through an OFS by existing shareholders. However, Sebi withheld approval amid concerns related to governance lapses and the co-location case.
Since then, the exchange has made multiple representations to the regulator seeking clearance and has undertaken various governance and compliance measures.
As part of its IPO preparations, NSE appointed 20 merchant bankers, besides legal advisors and other intermediaries, to manage the proposed public issue.
In January, Sebi Chairman Tuhin Kanta Pandey said that the regulator had granted "in-principle" approval to NSE's settlement application in the unfair market access case, a move widely seen as clearing a key hurdle for the IPO.
NSE had filed its settlement application in June 2025 in connection with the co-location case, in which certain brokers were accused of receiving preferential access to the exchange's trading systems.
After years of litigation, the exchange in 2025 offered to pay Rs 1,388 crore to settle the matter and move forward with its long-pending listing plans.
On the financial front, NSE reported a 15 per cent decline in profit after tax to Rs 10,302 crore in FY26, down from Rs 12,188 crore in FY25. Also, the total income stood at Rs 18,713 crore, marginally lower than Rs 19,177 crore in the preceding fiscal.
In the March quarter of FY26, NSE reported an 8 per cent rise in PAT to Rs 2,871 crore from Rs 2,650 crore in the year-ago quarter (Q4FY25). Its total income during the quarter increased 22 per cent to Rs 5,360 crore compared to Rs 4,397 crore in the same period a year ago