NSE Files DRHP with SEBI: India Prepares for a ₹30,000 Crore Mega IPO

After a decade of regulatory hurdles and anticipation, the National Stock Exchange (NSE) has officially moved closer to its historic debut on Dalal Street. By filing its Draft Red Herring Prospectus (DRHP) with SEBI, the bourse is set to potentially launch India's largest-ever public issue.

A Potential Record-Breaker in the Indian Market

The scale of the upcoming NSE IPO is nothing short of massive. Industry bankers and brokers estimate the issue size to be approximately ₹30,000 crore, a figure that would surpass the current record held by Hyundai Motor India’s ₹27,000 crore issue from 2024.

The offering will consist of up to 148.9 million shares, representing nearly 6% of NSE's paid-up capital. Notably, this will be an entirely Offer for Sale (OFS) issue, meaning no new shares are being created; instead, existing shareholders are selling their stakes. Because Indian regulations prohibit a stock exchange from self-listing, the NSE is slated to list on the Bombay Stock Exchange (BSE).

Major Stakeholders and Allocation Structure

The OFS involves a diverse group of institutional heavyweights. Key shareholders paring their holdings include State Bank of India, Bank of Baroda, General Insurance Corporation of India (GIC), and the New India Assurance Company, alongside foreign entities like the Canada Pension Plan Investment Board and MS Strategic (Mauritius). Interestingly, Life Insurance Corporation of India (LIC), one of the largest shareholders, will not be participating in this sale.

According to the DRHP, the share allocation is structured as follows:

Overcoming a Decade of Regulatory Obstacles

The path to this IPO has been fraught with challenges. NSE first applied for SEBI approval on October 18, 2016, but faced repeated delays due to governance lapses and the high-profile co-location case originating in 2015. The regulator had expressed serious concerns regarding technology infrastructure and potential manipulation in the trading system.

Los avances recientes finalmente han despejado el camino. En junio de 2025, la NSE tomó medidas para resolver los prolongados casos de colocalización y "fibra oscura" proponiendo un pago de liquidación que supera los ₹1.388 crore. Con la reciente aprobación de esta propuesta por parte de un panel de expertos de la SEBI, los principales obstáculos para la IPO parecen haber sido eliminados.

Valoración y gestores principales

En el mercado no cotizado, la NSE cuenta con una valoración asombrosa de aproximadamente ₹5 lakh crore. Según las operaciones recientes, las acciones de la NSE en el segmento no cotizado cerraron a ₹2.045 por acción, mostrando una tendencia alcista constante del 3,28 % durante el último mes.

Para gestionar esta histórica salida a bolsa, se ha reunido un consorcio masivo de aproximadamente 20 bancos de inversión. Los gestores principales de la emisión (BRLMs) incluyen a gigantes de la industria como Kotak Mahindra Capital, JM Financial, Axis Capital, Morgan Stanley India, Citigroup Global Markets India y JP Morgan India.

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