NSE is expected to file draft IPO papers with SEBI on Wednesday.
The issue could be worth nearly ₹30,000 crore and is likely to be entirely an offer for sale by existing shareholders.
The filing would mark a major milestone after NSE’s listing plans remained stalled for nearly a decade.
NSE Likely to File DRHP Today for ₹30,000 Cr IPO: What Investors Need to Know
The long-delayed listing of India’s largest stock exchange may finally move forward, with NSE expected to file draft papers for one of the country’s biggest IPOs
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The long-awaited initial public offering (IPO) of National Stock Exchange (NSE) may finally take a major step forward on Wednesday, with the exchange expected to submit its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) later in the day.
According to a report by Moneycontrol, internal formalities linked to the filing have been completed after NSE’s IPO committee concluded its process, while the exchange’s board cleared the draft documents earlier this week.
The proposed IPO is likely to be structured entirely as an offer for sale (OFS), with existing investors expected to collectively offload around 6% equity in the exchange. Based on NSE’s unlisted market valuation of nearly ₹5 lakh crore, market estimates suggest the issue size could touch ₹30,000 crore, making it one of India’s biggest public offerings.
SBI, Global Investors Among Likely Sellers
According to the report, State Bank of India (SBI) is expected to be the largest selling shareholder, with plans to divest nearly 24.75 million shares.
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Mauritius-based MS Strategic could sell up to 16 million shares, while Canada Pension Plan Investment Board may offload 11.87 million shares. Aranda Investments (Mauritius) is expected to offer nearly 11.24 million shares.
Other shareholders likely to participate include Bank of Baroda and Stock Holding Corporation of India, which may each sell around 11 million shares. General Insurance Corporation of India may divest 10.65 million shares, while The New India Assurance Company is expected to offer 10.5 million shares. National Insurance Company and United India Insurance may each sell nearly 6 million shares.
The report added that Life Insurance Corporation of India (LIC), despite holding a stake in the exchange, is not expected to be among the selling investors.
Listing Plans Delayed Since 2016
NSE’s listing plans have remained delayed since 2016 after SEBI asked the exchange to withdraw its earlier ₹10,000 crore IPO proposal amid governance concerns linked to the co-location controversy.
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As part of efforts to resolve the issue, NSE submitted a settlement application in June 2025 and proposed paying ₹1,387.39 crore in connection with the case.
Earlier, Moneycontrol reported that SEBI’s High-Powered Advisory Committee had recommended a settlement of nearly ₹1,880 crore, including ₹1,200 crore towards disgorgement and roughly ₹380 crore as interest. The proposal is currently awaiting consideration by SEBI’s whole-time members.
The listing process regained momentum after SEBI granted NSE a no-objection certificate (NOC) in January 2026, following which the exchange’s board formally approved the IPO plan in February, reviving one of India’s most closely watched public listings.