NSE IPO: Leading exchange invites banker to lead $2.5 billion offering, reports 

The National Stock Exchange of India (NSE) has issued a request for proposals to investment banks, as it moves towards its long-awaited initial public offering, reported Bloomberg citing sources familiar with the matter. This renewed momentum comes after years of regulatory and legal delays, after which it finally received a no-objection certificate (NoC) from SEBI in January 2026.

The exchange, which runs the world’s busiest derivatives market by number of contracts traded, has appointed Rothschild & Co. as an independent adviser. Rothschild will spearhead the selection of lead bankers, legal counsel, and other intermediaries. Adviser appointments are targeted by mid-March, according to some of the people, who asked not to be identified as the information is private.

NSE’s planned share sale is intended as a pure offer for sale, with existing shareholders expected to divest up to 5 per cent of their equity. Bloomberg News has reported that, based on current unlisted market prices, the IPO could raise approximately $2.5  billion (Rs 22,500 crore). No official annoucement has been made yet from the exchange around issue size, valuation or anything for that matter.

With Rothschild overseeing adviser selection, the process signals a significant step forward for what could become one of India’s largest ever public offerings. Market participants and stakeholders are expected to watch closely as developments unfold over the coming weeks.

Prior to this, NSE was planning to launch a IPO in 2016 also but the initial plans hit a roadblock due to the dark fibre case, which involved allegations of preferential access given to certain high-frequency traders between 2010 and 2014. IPO-bound NSE want to settle some of its long-pending and significant contingent liabilities. 

NSE IPO is expected to rank among India’s largest listings. NSE has about 1.9 lakh shareholders and is valued at near Rs 5 lakh crore in the pre-IPO market, according to analysts. Select media reports suggest that Temasek Holdings, Life Insurance Corporation of India, State Bank of India and SBI Capital Markets are also likely to offer stake in NSE's $2.5 billion IPO.