NSE Files DRHP with Sebi: India’s Biggest IPO on the Horizon

After a decade-long regulatory marathon, the National Stock Exchange (NSE) has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). This move signals a monumental shift for India’s capital markets, as the exchange prepares for a public listing that could rewrite the record books.

A Massive ₹30,000 Crore Issue

The upcoming IPO is poised to become the largest public issue in Indian history, potentially surpassing the ₹27,000 crore record set by Hyundai Motor India in 2024. Industry insiders estimate the IPO size to be approximately ₹30,000 crore. The offer will consist of up to 148.9 million shares, representing nearly 6% of NSE's paid-up capital.

Notably, the issue is structured entirely as an Offer for Sale (OFS), meaning no new equity will be issued; instead, existing shareholders will be paring their stakes. Due to regulatory prohibitions preventing a stock exchange from self-listing, the NSE is slated to list on the Bombay Stock Exchange (BSE).

Major Shareholders and Allocation Details

The OFS features a high-profile roster of institutional investors looking to divest portions of their holdings. Key participants include State Bank of India, Bank of Baroda, General Insurance Corporation of India, and the Canada Pension Plan Investment Board, alongside several other public sector and foreign institutions. However, Life Insurance Corporation of India (LIC), one of the exchange's largest shareholders, will not be participating in this specific sale.

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

Overcoming a Decade of Regulatory Hurdles

The journey to Dalal Street has been fraught with delays. NSE first applied for IPO approval on October 18, 2016, but faced significant setbacks due to governance lapses, technology infrastructure concerns, and the high-profile co-location case originating in 2015.

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、1,388億ルピーを超える和解金を提示することで、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」問題の解決に向けた提案を提出しました。SEBIの専門家パネルによる承認を経て、上場に向けた主な障害は解消されました。

市場価値と主幹事証券会社

非上場市場において、NSEは引き続き極めて高いプレミアムを維持しており、その評価額は5兆ルピー（5 lakh crore）前後で推移しています。直近の取引では、非上場株式は1株あたり2,045ルピーで取引を終えました。この歴史的なデビューを管理するため、Kotak Mahindra Capital、JM Financial、Axis Capital、Morgan Stanley India、JP Morgan Indiaを含む、約20の有力投資銀行からなる強力なコンソーシアムが結成されました。

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