India’s largest stock exchange, the National Stock Exchange (NSE), is reportedly on track to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by July-end 2025, paving the way for one of the most anticipated IPOs in the country’s financial history. Sources indicate that the listing could take place by the fourth quarter of FY26, subject to regulatory approvals.
Long-Awaited Market Debut
The NSE’s IPO has been in the pipeline for several years, delayed by regulatory hurdles and legal proceedings. With most of the compliance issues now resolved, the exchange is expected to proceed with a pure offer-for-sale (OFS), allowing existing shareholders to offload part of their stake.
Estimated Valuation and Stake Sale
While the final valuation is yet to be confirmed, market analysts estimate NSE’s valuation to be in the range of ₹1.5–2 lakh crore, making it one of the largest IPOs in India’s capital markets. The OFS is likely to include shares from institutional investors and public sector entities.
Strategic Implications
The IPO will not only enhance transparency and governance at NSE but also provide retail and institutional investors an opportunity to participate in the growth of India’s capital markets infrastructure. It is also expected to set a benchmark for future listings of market infrastructure institutions.
What’s Next?
Once the DRHP is filed, SEBI’s review process typically takes 2–3 months. If all goes as planned, the IPO could open for subscription in early 2026, with listing on the BSE and NSE shortly thereafter.
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