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.

最近の進展により、ようやく道が開かれました。2025年6月、NSEは長年の懸案であったコロケーションおよび「ダークファイバー」問題に対し、1,388億ルピーを超える和解金の支払いを提案することで解決を図りました。SEBIの専門家パネルが最近この提案に同意したことで、IPOに向けた主な障害は取り除かれたものと考えられます。

バリュエーションと主幹事証券会社

非上場市場において、NSEは約5兆ルピーという驚異的な時価総額を誇っています。直近の取引では、非上場セグメントにおけるNSEの株価は1株あたり2,045ルピーで引けており、過去1ヶ月間で3.28%の着実な上昇傾向を示しています。

この歴史的な上場を管理するため、約20の投資銀行からなる大規模なコンソーシアムが結成されました。ブックランニング主幹事証券会社（BRLM）には、Kotak Mahindra Capital、JM Financial、Axis Capital、Morgan Stanley India、Citigroup Global Markets India、JP Morgan Indiaといった業界の巨頭が名を連ねています。

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