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:
- Qualified Institutional Buyers (QIBs): Up to 50%
- Retail Investors: 35%
- Non-Institutional Bidders: Not less than 15%
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.
最近的进展终于扫清了障碍。2025年6月，NSE 提交了和解提案，通过提供超过 1,388 亿卢比的和解款，来解决长期存在的同址托管（co-location）和“暗光纤”（dark fibre）案件。在获得 SEBI 专家小组的批准后，上市的主要障碍已得到解决。
市场估值与主承销商
在非上市市场，NSE 继续保持着巨大的溢价，估值维持在 5 万亿卢比左右。根据最近的交易，非上市股份收盘价为每股 2,045 卢比。为了管理这次具有历史意义的首秀，一个由约 20 家投资银行组成的强大财团已经组建，其中包括 Kotak Mahindra Capital、JM Financial、Axis Capital、Morgan Stanley India 和 JP Morgan India。
核心要点
- 规模创纪录： 该 IPO 预计价值 3,000 亿卢比，可能使其成为印度历史上规模最大的公开发行。
- 监管突破： 在经历了与同址托管案件相关的近十年延迟后，NSE 在提出 1,388 亿卢比的和解提案后取得了进展。
- 战略性上市： 本次发行将完全是 6% 股份的公开发售（OFS），且该交易所将在 BSE 上市，而非在其自身的平台上。