NSE IPO coming soon? DRHP likely to be filed by Wednesday; SBI, PSUs may sell stake
The long-awaited initial public offering (IPO) of the National Stock Exchange of India (NSE) could take a significant step forward soon.
- Jun 16, 2026,
- Updated Jun 16, 2026 4:38 PM IST
The long-awaited IPO of the National Stock Exchange of India could move a step closer on Wednesday, with the country’s largest stock exchange expected to file its draft papers with market regulator Sebi. Sources, speaking on condition of anonymity, told Business Today that SBI and other public sector players are likely to sell their stake in the issue.
The proposed issue is said to be entirely an offer for sale, which means NSE will not receive any proceeds. Instead, existing shareholders will sell part of their holdings and receive the sale proceeds. The IPO is expected to raise more than Rs 20,000 crore.
Among the shareholders, The New India Assurance Company holds a 1.42 per cent stake in NSE. IFCI, a public sector non-banking financial company, holds a 52 per cent stake in Stock Holding Corporation of India Ltd, which in turn owns a 4.4 per cent stake in NSE.
NSE is currently trading in the unlisted market at around Rs 1,950-2,050 per share, implying a valuation of about Rs 5 lakh crore. If the issue goes through, the exchange would rank among India’s most valuable listed financial institutions. The filing would also mark a major milestone for one of the country’s most closely watched public offerings, after years of delay because of regulatory hurdles and legacy legal issues.
The NSE IPO is expected to be one of the most closely watched listings in the Indian capital markets. Given NSE’s market leadership, strong cash-generating capabilities, high operating leverage, and dominant share in the exchange business, the company is well-positioned to command a premium valuation, said Piyush Jhunjhunwala, Founder & CEO, Stockify.
'While strong demand is anticipated, institutional investors will focus on whether the valuation adequately balances the scarcity value of the asset with its future growth potential. Sustainable post-listing performance will ultimately hinge on rational pricing rather than market exuberance," he said
Activity in the unlisted market has also pushed up the number of shareholders. This rose from 39,201 in March 2025 to 1,59,394 in June 2025, and then to 1,86,481 by December 2025, as the NSE IPO drew closer.
The long-awaited IPO of the National Stock Exchange of India could move a step closer on Wednesday, with the country’s largest stock exchange expected to file its draft papers with market regulator Sebi. Sources, speaking on condition of anonymity, told Business Today that SBI and other public sector players are likely to sell their stake in the issue.
The proposed issue is said to be entirely an offer for sale, which means NSE will not receive any proceeds. Instead, existing shareholders will sell part of their holdings and receive the sale proceeds. The IPO is expected to raise more than Rs 20,000 crore.
Among the shareholders, The New India Assurance Company holds a 1.42 per cent stake in NSE. IFCI, a public sector non-banking financial company, holds a 52 per cent stake in Stock Holding Corporation of India Ltd, which in turn owns a 4.4 per cent stake in NSE.
NSE is currently trading in the unlisted market at around Rs 1,950-2,050 per share, implying a valuation of about Rs 5 lakh crore. If the issue goes through, the exchange would rank among India’s most valuable listed financial institutions. The filing would also mark a major milestone for one of the country’s most closely watched public offerings, after years of delay because of regulatory hurdles and legacy legal issues.
The NSE IPO is expected to be one of the most closely watched listings in the Indian capital markets. Given NSE’s market leadership, strong cash-generating capabilities, high operating leverage, and dominant share in the exchange business, the company is well-positioned to command a premium valuation, said Piyush Jhunjhunwala, Founder & CEO, Stockify.
'While strong demand is anticipated, institutional investors will focus on whether the valuation adequately balances the scarcity value of the asset with its future growth potential. Sustainable post-listing performance will ultimately hinge on rational pricing rather than market exuberance," he said
Activity in the unlisted market has also pushed up the number of shareholders. This rose from 39,201 in March 2025 to 1,59,394 in June 2025, and then to 1,86,481 by December 2025, as the NSE IPO drew closer.