NSE has appointed 20 merchant bankers to manage its massive IPO
Eight law firms, including CAM and Khaitan, will provide legal advisory
The exchange aims to file its DRHP by April 2026 with SEBI
National Stock Exchange of India on Thursday announced it has finalised the appointment of major intermediaries for its proposed initial public offering (IPO), selecting 20 merchant bankers, eight law firms and several specialist advisers to manage the transaction.
In a statement on its website, the exchange said the appointments were made through a structured and competitive process approved by its IPO committee. The move marks a significant procedural milestone ahead of regulatory filings and the eventual marketing of the share sale.
2 March 2026
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NSE IPO: Shortlisted Bankers & Law Firms
The 20 merchant bankers selected to run the IPO include leading domestic and global institutions such as Kotak Mahindra Capital Company, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors, IIFL Capital Services, Nuvama Wealth Management, Avendus Capital, HDFC Bank, Morgan Stanley, Citigroup, JPMorgan Chase, HSBC, IDBI Capital Markets, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.
Eight law firms will advise on legal and regulatory aspects of the offering, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co and Trilegal.
Other intermediaries involved in the process include registrar MUFG Intime India and advisory firms Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication and Redseer Strategy Consultants.
The appointment process was overseen by Rothschild & Co’s India arm as process adviser and has now formally concluded. This clears the way for NSE to begin due diligence, documentation and marketing ahead of the offering.
The IPO is expected to be among the largest listings in India and could provide an exit route for long-standing institutional investors. The mandate, with 20 book-running lead managers, would also surpass the previous record set during the ICICI Prudential Asset Management Company listing in 2025. Market participants will now closely watch the timing, pricing and investor demand for what could become a landmark public offering for India’s capital markets.
