NSE IPO Update: Mega Listing Soon as DRHP Filing Likely on June 15-16; OFS Expected Without Fresh Share Issue

India's largest stock exchange, the National Stock Exchange (NSE), is likely to file the draft papers for its much-awaited initial public offering (IPO) next week, marking a significant step in its long-delayed journey towards a stock market listing. The proposed public issue is expected to be an offer for sale (OFS), with no fresh issue of shares likely to be part of the IPO.

NSE IPO Filing Likely Next Week; Offer for Sale Expected to Be the Main Route

According to a PTI report, NSE is expected to submit its draft red herring prospectus (DRHP) on June 15 or June 16, 2026. The move follows the approval granted by NSE's board on February 6 after the exchange received a no-objection certificate (NOC) from the Securities and Exchange Board of India (SEBI).

NSE IPO Could Be Among India's Biggest Public Issues

Market estimates suggest that NSE's IPO could emerge as one of the largest listings in the history of India's capital markets. Earlier Bloomberg reports indicated that existing shareholders may sell around 4% to 4.5% of their stake through the IPO, which could potentially raise between $1.5 billion and $2.5 billion, or nearly Rs 23,000 crore, depending on the final valuation and prevailing market conditions.

LIC Holds Top Stake in NSE; SBI, Temasek's Aranda and Canada Pension Fund Among Other Investors

The exchange enjoys a diversified shareholder base, including domestic financial institutions, insurance companies, foreign investors, and individual shareholders. Life Insurance Corporation of India (LIC) is the largest shareholder in NSE with a 10.72% stake, while State Bank of India (SBI) along with its subsidiary SBI Capital Markets holds approximately 7.5%.

Among international investors, Aranda Investments, backed by Singapore's Temasek, and the Canada Pension Plan Investment Board (CPPIB) also hold significant stakes in the exchange.

NSE Appointed 20 Merchant Bankers for IPO Process

As part of preparations for the listing, NSE appointed 20 merchant bankers in March 2026 along with multiple law firms and other intermediaries to manage the IPO process and regulatory requirements.

The exchange currently has nearly 1.8 lakh shareholders and is valued at more than Rs 5 lakh crore in the unlisted market, according to market participants.

NSE's journey towards a stock market listing has faced several delays over the last decade. The exchange had first submitted its draft IPO documents in 2016 with plans to raise around Rs 10,000 crore through an offer for sale by existing investors.

However, the proposal did not receive approval from SEBI due to concerns related to governance issues and the co-location controversy.

In January 2026, SEBI granted a no-objection certificate to NSE, allowing the exchange to restart its IPO process. Since then, the exchange has taken multiple steps to strengthen governance standards, improve compliance systems, and address regulatory concerns.

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