NSE IPO Gathers Momentum, India’s Largest Stock Exchange Set for Mega Public Listing
The National Stock Exchange of India (NSE) is moving closer to its long-awaited initial public offering (IPO), with the issue now expected to hit the market later this month. The proposed listing could become one of the biggest IPOs in Indian market history.
According to reports, the IPO could open for subscription on September 18, with NSE potentially making its stock-market debut on September 25. The proposed schedule has not yet been officially confirmed by the exchange.
The offering was initially expected to raise around ₹30,000 crore, which would make it larger than Hyundai Motor India’s ₹27,870-crore IPO launched in 2024. However, fresh reports on September 9 indicate that NSE may reduce the issue size to approximately ₹24,000–25,000 crore.
The latest reported price range is also lower than earlier expectations. NSE is reportedly considering a price band of around ₹1,700 to ₹1,785 per share, compared with an earlier indicative range of ₹2,000 to ₹2,100. At the upper end of the reported range, the exchange could command a valuation of roughly ₹4.4 lakh crore.
The IPO is planned entirely as an Offer for Sale (OFS). Existing shareholders will sell their shares to public investors, meaning NSE itself will not receive fresh capital from the issue. Up to about 148.9 million shares, representing roughly 6% of the company’s paid-up equity, were outlined for the offering.
State Bank of India is among the major shareholders expected to sell shares. Other participating investors include MS Strategic, Canada Pension Plan Investment Board, Aranda Investments and several public-sector financial institutions. LIC, which is NSE’s largest shareholder with a stake of more than 10%, is not expected to participate in the OFS.
The IPO has taken nearly a decade to reach this stage. NSE’s listing plans were delayed by regulatory investigations, including the long-running co-location and dark-fibre controversy. SEBI issued its observation letter for the IPO on September 4, clearing a major regulatory hurdle.
Another significant development came from the Supreme Court earlier this month. The court dismissed SEBI’s case concerning allegations of unfair access to NSE’s systems after a settlement was agreed in principle, removing a major legal overhang ahead of the proposed listing.
NSE remains India’s dominant equity derivatives exchange and operates the benchmark Nifty 50 index. Its planned public listing is therefore attracting substantial attention from domestic and international investors, particularly because it would give public-market investors direct access to one of India’s most important financial-market institutions.
At the same time, investors will be watching NSE’s derivatives business closely. Regulatory measures affecting retail derivatives trading have contributed to weaker trading volumes in recent months, creating an important consideration for investors assessing the exchange’s future earnings growth.
If the reported September timetable goes ahead, the NSE IPO could become a landmark event for India’s capital markets, giving the country’s largest stock exchange a public-market valuation after years of regulatory and legal delays.
