SEBI has issued an observation letter for NSE’s IPO, clearing a key regulatory hurdle.
The issue could be worth around ₹30,000 crore, while NSE’s indicative valuation is around ₹5 lakh crore.
The IPO could become India’s biggest if the final issue size and valuation cross Hyundai Motor India’s 2024 record.
The much-awaited listing of the National Stock Exchange (NSE) has moved a step closer after the Securities and Exchange Board of India (SEBI) issued its observation letter for the exchange’s initial public offering (IPO) on September 4, according to a Moneycontrol report. The clearance comes nearly a decade after NSE’s earlier listing plans were held up by regulatory issues.
NSE had filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026. With the regulator’s observation letter now issued, the exchange can proceed with the remaining steps needed before launching the public issue.
1 August 2026
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NSE IPO Could Become India’s Biggest
The IPO is expected to be entirely an offer for sale (OFS), with existing shareholders planning to sell up to 14.89 crore shares, or nearly 6% of NSE’s paid-up capital. Since there is no fresh issue, NSE itself will not receive any money from the offering.
Based on NSE’s unlisted-market valuation when the DRHP was filed, the IPO is estimated to be worth around ₹30,000 crore. An indicative valuation of around ₹5 lakh crore could make the issue India’s largest IPO.
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That would put NSE ahead of Hyundai Motor India’s ₹27,870-crore IPO in 2024. However, the final issue size and valuation will depend on the price band set before the public issue.
SBI Group Among Key Selling Shareholders
SBI Group is the largest shareholder planning to sell shares through the OFS, with up to 2.475 crore shares. MS Strategic (Mauritius) Ltd could sell up to 1.60 crore shares, while Canada Pension Plan Investment Board could offer 1.19 crore shares.
Aranda Investments (Mauritius) Pte Ltd is set to offer up to 1.12 crore shares, while Bank of Baroda and Stock Holding Corporation of India Ltd could sell around 1.10 crore and 1.09 crore shares, respectively.
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Other sellers include GIC Re, The New India Assurance Company, National Insurance Company and United India Insurance Company, along with individual shareholders. Market sources cited by Moneycontrol have indicated that NSE could announce its price band on September 11, open the issue a week later and list around September 25, although these dates have not been formally announced.
If the proposed timeline holds, the listing would mark a major milestone for India’s capital markets by giving investors a direct opportunity to own shares in the country’s largest stock exchange.
