Sebi clears long-awaited NSE IPO; listing likely around September 25

Sources say the IPO may open for subscription by September 15, with listing eyed around September 25

The Securities and Exchange Board of India (Sebi) has approved the long-awaited initial public offering (IPO) of the National Stock Exchange (NSE), which is expected to be the largest fundraise from the primary market. 

Sources said the exchange may file updated draft red herring prospectus (UDRHP) and announce the price band for the issuance next week with the IPO opening for subscription on September 15. The exchange is eying to list the shares on the BSE by September 25. 

The bourse had filed its draft documents with the market regulator in June — restarting the process which had halted nearly a decade back. This was due to issues such as the colocation and dark fibre matters. 

 

A day earlier, the Supreme Court disposed of Sebi’s appeals in the colocation and dark-fibre matters following a ₹1,491.21 crore settlement by the NSE. 

The IPO will comprise up to 148.9 million equity shares of face value ₹1 each or nearly 6 per cent of NSE’s paid-up capital, with no fresh issue component. This means the exchange itself will not receive any proceeds from the offering. Instead, all funds raised will go to the selling shareholders. 

 

The IPO size is pegged to be nearly ₹30,000 crore, based on the market capitalisation of the exchange in the unlisted market — making it the largest IPO ever in the country. In comparison, Hyundai India had raised nearly ₹28,000 crore via IPO in 2024.

In the unlisted market, the shares of NSE were trading at around ₹1,975 apiece, commanding a market capitalisation of ₹4.88 trillion — accor- ding to data on UnlistedZone. The stock  

Life Insurance Corporation of India (LIC), the largest shareholder in the exchange with a 10.72 per cent stake, is not participating in the offer and will retain its entire holding. 

The selling shareholders include State Bank of India (SBI), SBI Capital, MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, National Insurance Company and United India Insurance Company. 

The early investors are estimated to make significant windfall gains from the listing. SBI has a weighted average cost of ₹0.8 per share while Bank of Baroda’s acquisition cost stood at ₹0.54 per share. 

The exchange had appointed a record 20 investment bankers for the issue. In the quarter ended June 2026 (Q1FY27), the exchange recorded net profit of ₹3,120 crore — up from ₹2,923 crore in the corresponding period a year ago. NSE’s revenue from operations also increased to ₹4,560 crore in Q1FY27, up from ₹4,032 crore. However, on a sequential basis, the revenue declined 8 per cent.