NSE IPO: Biggest Stock Market Listing in India? Check Issue Size, GMP & Price Band & More

The National Stock Exchange of India is the country's largest stock exchange by trading volume, and has finally taken its biggest step yet towards going public.

On June 17, NSE filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), officially beginning the IPO process that investors have been waiting nearly a decade for. Here is everything you need to know about the NSE IPO issue size, structure, GMP, financials, key dates, selling shareholders, and what comes next.

NSE IPO Current Status

The NSE IPO is currently at the DRHP stage.Once SEBI's approval is received NSE will file the Red Herring Prospectus (RHP), after which the price band, lot size, and subscription dates will be officially announced. The IPO opening date has not been confirmed yet.

NSE IPO Issue Size

The NSE IPO is expected to raise approximately Rs 30,000 crore, which will make it the largest IPO in Indian market history. It would surpass the previous record held by Hyundai Motor India, which raised Rs 27,870 crore through its public issue in 2024.

NSE IPO Issue Structure 100% Offer For Sale (OFS)

According to the DRHP, The NSE IPO will be structured entirely as an Offer for Sale (OFS). The proposed issue comprises up to 14,89,05,525 equity shares, approximately 14.89 crore shares, representing nearly 6% of the exchange's post-issue paid-up equity capital. There is no fresh issue of shares in this IPO. This means NSE itself will not receive any proceeds from the public issue. All funds raised will go directly to the selling shareholders who are offloading their stakes.

NSE IPO Price Band

The NSE IPO price band has not been announced yet. It will be declared only after SEBI issues its observations on the DRHP and NSE subsequently files the RHP

NSE IPO GMP Today

Since the NSE IPO is still at the DRHP stage, there is no Grey Market Premium (GMP) available at this time. GMP activity typically begins only after the company announces its price band and opens for subscription. However, NSE's unlisted shares have been trading in the range of Rs 1,950 to Rs 2,050 per share in the private unlisted market,

NSE IPO Key Selling Shareholders

Since the IPO is a pure OFS, the selling shareholders are the institutions and investors currently holding stakes in NSE. The major selling shareholders as per the DRHP include:

State Bank of India is the largest seller with up to 2.475 crore shares, MS Strategic Mauritius up to 1.6 crore shares, Bank of Baroda, Life Insurance Corporation of India (LIC)

NSE IPO Book Running Lead Managers

The NSE IPO is being managed by the largest banker groups ever an IPO, a total of 20 Book Running Lead Managers These include Kotak Mahindra Capital Company, JM Financial Institutional Securities, Morgan Stanley India, JP Morgan India, HSBC Securities and Capital Markets (India), Citigroup Global Markets India, SBI Capital Markets, Axis Capital, and ICICI Securities, among others.

NSE IPO Financials As Per DRHP

NSE's DRHP discloses three years of audited financials. Here are the key numbers:

Total Income for FY24 stood at Rs 16,352.06 crore; for FY25, it was Rs 19,176.83 crore, and for FY26 it stood at Rs 18,713.37 crore

Similarly, the Revenue from Operations for FY24 was at Rs 14,780 crore (approx). Revenue from operations declined 3.1% year-on-year in FY26 from FY25, which stood at Rs 17,140.68 crore, and for FY26 the revenue was reported at Rs 16,601.31 crore

Net Profit (PAT): FY25 was recorded at Rs 12,187.69 crore and for FY26 it stood at Rs 10,302.06 crore