Noida, June 18, (APAC Media): The National Stock Exchange (NSE) on Wednesday filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its long-awaited initial public offering (IPO), estimated at around Rs 30,000 crore, marking what could be the largest public issue in India’s stock market history.
The filing represents a significant milestone for the country’s leading stock exchange, whose listing plans have remained pending for nearly a decade amid regulatory challenges, including the co-location controversy.
According to the DRHP, the proposed public issue will be entirely an offer for sale (OFS) of 14.89 crore equity shares, with existing shareholders collectively expected to divest close to 6 % of their stake in the exchange.
Among the key selling shareholders, the State Bank of India is set to divest up to 2.48 crore shares, while MS Strategic (Mauritius) Limited will offload 1.60 crore shares, according to the draft red herring prospectus (DRHP).
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Life Insurance Corporation of India (LIC), the largest shareholder in the National Stock Exchange with a 10.72 % stake, will not participate in the share sale and will retain its holdings, according to the draft red herring prospectus (DRHP).
NSE IPO Snapshot (₹30,000 Crore Issue)
| Parameter | Details |
|---|---|
| Company | National Stock Exchange of India |
| IPO Size | ₹30,000 Crore (approx.) |
| Issue Type | Offer for Sale (OFS) |
| Total Shares Offered | 14.89 crore shares |
| Expected Market Cap | ₹5+ lakh crore |
| Estimated Status | India’s largest-ever IPO/public issue |
Other prominent selling shareholders include the Canada Pension Plan Investment Board, which will offload 1.19 crore shares, and Aranda Investments (Mauritius) Pte Ltd, which plans to divest 1.12 crore shares. Bank of Baroda will sell 1.10 crore shares, followed by Stock Holding Corporation of India Ltd with 1.09 crore shares.
Among insurance companies, General Insurance Corporation of India will offload 1.07 crore shares, The New India Assurance Company 1.05 crore shares, National Insurance Company 0.60 crore shares, and United India Insurance Company 0.60 crore shares.
Major Selling Shareholders
| Shareholder | Shares Offered |
|---|---|
| State Bank of India | 2.48 crore |
| MS Strategic (Mauritius) Ltd | 1.60 crore |
| Canada Pension Plan Investment Board | 1.19 crore |
| Bank of Baroda | 1.10 crore |
| Stock Holding Corporation of India | 1.09 crore |
| GIC of India | 1.07 crore |
| New India Assurance | 1.05 crore |
| National Insurance Company | 0.60 crore |
| United India Insurance | 0.60 crore |
The National Stock Exchange (NSE) has estimated its proposed initial public offering (IPO) size at around Rs 30,000 crore, implying a market capitalisation of over Rs 5 lakh crore, according to people familiar with the development.
The offering is set to surpass Hyundai Motor India’s Rs 27,870 crore issue launched in October 2024, making it the largest public issue in Indian stock market history.
NSE currently has around 1.8 lakh shareholders.
The filing follows approval from its board on February 6, after receiving a no-objection certificate (NOC) from the Securities and Exchange Board of India (Sebi).
The exchange had first filed draft offer documents in 2016 to raise about Rs 10,000 crore through an offer for sale (OFS) by existing shareholders.
However, the proposal was delayed after Sebi withheld approval over governance concerns and issues related to the co-location controversy.
Since then, NSE has undertaken several governance and compliance reforms and engaged in multiple rounds of engagement with the regulator. As part of its listing preparations, the exchange has appointed 20 merchant bankers along with legal advisors and other intermediaries to manage the issue.
The exchange had filed the settlement application in June 2025 in connection with the co-location case, where certain brokers were accused of receiving preferential access to trading systems, and subsequently agreed to a Rs 1,388 crore settlement to resolve the matter.
On the financial front, NSE reported a 15 % year-on-year decline in profit after tax to Rs 10,302 crore in FY26, compared with Rs 12,188 crore in FY25.
Total income stood at Rs 18,713 crore, slightly lower than Rs 19,177 crore in the previous fiscal.
However, in the March quarter of FY26, the exchange posted an 8 % rise in profit after tax to Rs 2,871 crore from Rs 2,650 crore in the same quarter last year, while total income increased 22 % to Rs 5,360 crore.
–ENDS–
Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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