NSE pushes to file IPO papers by June 15, sets stage for 2026 listing

The National Stock Exchange (NSE) has asked its bankers to expedite the filing of its draft red herring prospectus (DRHP), setting a target of June 15, according to people familiar with the matter.

 

Meeting the proposed timeline would clear the path for India’s top bourse’s long-awaited initial public offering (IPO) later this calendar year. After submitting the DRHP, the exchange will await final observations from the Securities and Exchange Board of India (Sebi), a process that typically takes two to three months.

 

Filing of papers before the end of June would allow the bourse to base its submission on financials for the March 2026 quarter, which were declared on Tuesday, a source said.

 

Responding to queries, NSE said: “Pursuant to the NOC (no-objection certificate) issued by Sebi, the board approved an IPO of the company through an offer for sale on February 6, 2026. No further comments at this stage.”

 

As part of pre-filing requirements, the exchange has convened an extraordinary general meeting on May 25 to seek shareholder approval for amendments to its articles of association.

 

The bourse is also moving to resolve legacy regulatory issues, including the settlement of more than ₹1,800 crore in cases linked to colocation and dark fibre, as recommended by a high-powered advisory committee set up by Sebi. 

 

The IPO will be entirely an offer for sale, with existing investors expected to dilute up to 5 per cent of their holdings, depending on demand. Shareholders including Temasek, Canada Pension Plan Investment Board, Life Insurance Corporation of India (LIC) and ChrysCapital are likely to pare stakes.

 

NSE is expected to seek a valuation of ₹4 trillion to ₹6 trillion, potentially placing it among India’s most valuable listed companies. The exchange has appointed around 20 merchant bankers and eight law firms for the offering.

 

Separately, the exchange has strengthened its board with recent appointments, including Rajeev Vasudeva as a public interest director and Dinesh Pant as a nominee director representing LIC. It is also awaiting regulatory approval to appoint an executive director.

 

NSE first filed draft papers in 2016, but the process stalled amid regulatory scrutiny in the colocation case.

 

Shares of the exchange continue to trade actively in the unlisted market, with recent valuations ranging between ₹4.5 trillion and ₹5 trillion.