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.

Son gelişmeler nihayet yolu açtı. Haziran 2025'te NSE, 1.388 crore ₹'yi aşan bir uzlaşma ödemesi teklif ederek uzun süredir devam eden co-location ve "dark fibre" davalarını çözüme kavuşturmak için harekete geçti. Bir SEBI uzman panelinin yakın zamanda bu teklifi kabul etmesiyle birlikte, halka arzın önündeki temel engellerin kalktığı görülüyor.

Değerleme ve Lider Yöneticiler

Borsa dışı piyasada NSE, yaklaşık 5 lakh crore ₹ tutarında çarpıcı bir değerlemeye sahip. Son işlemlere göre, NSE'nin borsa dışı segmentteki hisseleri hisse başına 2.045 ₹ ile kapanarak geçtiğimiz ay boyunca %3,28'lik istikrarlı bir yükseliş trendi gösterdi.

Bu tarihi halka arzı yönetmek için yaklaşık 20 yatırım bankasından oluşan devasa bir konsorsiyum kuruldu. Defter tutan lider yöneticiler (BRLM) arasında Kotak Mahindra Capital, JM Financial, Axis Capital, Morgan Stanley India, Citigroup Global Markets India ve JP Morgan India gibi sektör devleri yer alıyor.

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