NSE appoints record 20 merchant bankers for its long-awaited IPO

Exchange hires 20 investment banks and multiple legal advisers as it prepares to file draft papers for a long-delayed public listing later this year

In a major step towards its initial public offering (IPO), the National Stock Exchange of India (NSE) has appointed a large consortium of merchant bankers, law firms and other advisors to manage the proposed share sale. This includes as many as 20 investment bankers. 

 

The exchange said on Thursday that its IPO committee, chaired by NSE chairman and former bureaucrat Srinivas Injeti, has approved the selection of intermediaries following a “structured, transparent and competitive process”.

 

Market participants say the exchange could file its offer document with the Securities and Exchange Board of India (Sebi) in less than two months and the IPO is very much likely before the end of this calendar year. 

 

The 20 banks appointed for the IPO mandate include Kotak Mahindra Capital, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, Avendus Capital, Morgan Stanley, Citigroup and JPMorgan, among others. Besides the bulge bracket banks, NSE has also roped in mid-sized investment banks such as Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.  

 

The previous record was held by ICICI Prudential Asset Management Company, which appointed 18 bankers for its ₹10,600 crore IPO in December 2025. 

 

Experts say the unusually large roster of both domestic and global bankers aims to build broader market acceptance for the platform. “As NSE operates in the equities ecosystem, mandating a large number of bankers could help reinforce its leadership. These intermediaries may be more inclined to route block deals through the exchange or choose it as the primary listing venue for their clients,” said a banker.

 

Sources said between 2.5 per cent and 5 per cent equity could be offered in the IPO. At the current valuation of about ₹5 trillion, this would translate into an issue size of roughly ₹12,500 crore to ₹25,000 crore.

 

Eight legal advisors have also been selected, including Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas and Trilegal.

 

Other intermediaries appointed include registrar MUFG Intime India and several advisory and communications firms that will assist with documentation, due diligence, marketing and execution of the offering.

 

The appointment process was overseen by global advisory firm Rothschild & Co, which acted as the process advisor to NSE. With the completion of the selection process, Rothschild’s mandate has now concluded.

 

The exchange received a no-objection certificate from the market regulator earlier this year, paving way for what could be India’s most closely watched listings. The issue will only be an offer for sale.

 

NSE has been attempting to go public for nearly a decade but the plan was stalled after regulatory scrutiny related to the colocation case, in which certain brokers were alleged to have gained unfair trading access to exchange servers. It had filed draft IPO papers with Sebi in 2016 but was prevented from proceeding amid ongoing investigations and regulatory proceedings.

 

Over the past few years, NSE has sought to resolve the regulatory overhang by settling certain cases and strengthening governance processes. It is awaiting settlement in the colocation and dark fibre matter for which it has made provisions nearing ₹1,400 crore.

 

NSE’s shares trade actively in the unlisted market, reflecting its dominant position in India’s derivatives market and strong profitability. According to Unlisted Zone, the shares of NSE were trading at ₹1,975 apiece in the unlisted market.