National Stock Exchange of India Ltd. has issued a request for proposals to investment banks for its long-awaited IPO.
The move follows the appointment of Rothschild & Co. as independent adviser to oversee the listing process.
Rothschild will reportedly help select lead bankers, legal counsel and other intermediaries for the NSE IPO.
National Stock Exchange of India Ltd. has reportedly issued a request for proposals to investment banks for its long-awaited initial public offering. The invite comes after the exchange appointed Rothschild & Co. as its independent adviser to oversee the listing.
According to a Bloomberg report, the London-based adviser Rothschild & Co. will select the lead bankers, legal counsel and other intermediaries for the NSE IPO.
3 February 2026
Get the latest issue of Outlook Business
Last month, the exchange, headed by Ashishkumar Chauhan, formed a committee to oversee listing-related activities. It is chaired by non-independent director Tablesh Pandey, with CEO Chauhan as a member. In addition, NSE has appointed Walker Chandiok & Co LLP as its statutory auditor for a five-year term, replacing Price Waterhouse & Co..
According to Bloomberg, the IPO could raise approximately $2.5 billion (₹22,700 crore), with 4% to 4.5% of the company’s equity being sold in the public market.
The IPO had been stalled for several years amid regulatory and legal challenges. However, in January, Securities and Exchange Board of India (Sebi) granted a no-objection certificate (NOC) for the public listing.
According to UnlistedZone.com, the non-public shares of the exchange have been trading at ₹2,035 apiece. They have declined by as much as 1.93% in the last month; however, they have gained 7.11% over the last year.
As per the shareholding pattern of the exchange as of December 31, public shareholders collectively hold a 64.45% stake, while the non-promoter, non-public category, primarily trading members and their associates, accounts for 35.55%.
Within the public institutional segment, foreign direct investors hold a significant 20.51% stake, while foreign portfolio investors (Category I) account for 6.30%. Domestic institutions, including alternate investment funds, insurance companies and NBFCs, together hold 5.40%.
In the non-promoter, non-public category, insurance companies collectively hold 19.21%, with Life Insurance Corporation of India emerging as the single largest shareholder with a 10.72% stake. Other major shareholders include Stock Holding Corporation of India Limited with 4.44% and SBI Capital Markets Limited with 4.33%.
Among individual investors, Radhakishan Shivkishan Damani holds 1.58%, making him one of the largest individual shareholders in the exchange. Overall, there are 1,83,621 total public shareholders of the exchange.
