NSE IPO Moves Forward: 20 Bankers, 8 Law Firms Appointed

Introduction

The National Stock Exchange of India (NSE) has taken a decisive step towards its much-anticipated Initial Public Offering (IPO). On March 12, 2026, the country's largest stock exchange announced the finalisation of a large consortium of intermediaries, including a record 20 merchant bankers and eight law firms, to manage its public listing. This move signals that the long-delayed IPO process is now formally underway, with market participants expecting an issue size of approximately Rs 23,000 crore.

A Structured and Transparent Selection

The selection of intermediaries was overseen by NSE's IPO Committee, chaired by Srinivas Injeti. According to an official statement from the exchange, the appointments were made following a “structured, transparent, and competitive process.” The conclusion of this selection also marks the end of the engagement for Rothschild & Co India, which served as the process advisor responsible for guiding the exchange in appointing the team of bankers and lawyers. The comprehensive and rigorous evaluation ensures that a robust team is in place to handle the complexities of what is expected to be one of India's most significant public listings.

Record-Breaking Banking Syndicate

NSE has set a new record in the Indian primary markets by appointing 20 book-running lead managers. This surpasses the previous record of 18 merchant bankers hired for the ICICI Prudential AMC IPO. The large size of the syndicate reflects the anticipated scale of the offering and the exchange's strategy to ensure wide distribution and successful execution. The consortium includes a mix of leading domestic and international investment banks, providing a blend of local market expertise and global reach.

Appointed Intermediaries

The team assembled by NSE is extensive, covering all aspects of the IPO process from regulatory filings to marketing.

Merchant Bankers Appointed for NSE IPO

Legal and Advisory Team

To navigate the legal and compliance requirements, NSE has appointed a team of eight distinguished law firms. This includes top-tier Indian firms such as Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co, and Trilegal. They are joined by international firms Latham & Watkins LLP and Sidley Austin Singapore Pte. Ltd. Additionally, other key intermediaries have been appointed, with MUFG Intime India Private Ltd serving as the registrar for the issue. Firms like Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication, and Redseer Strategy Consultants will provide support across due diligence, communications, and other advisory functions.

IPO Structure and Market Expectations

The proposed IPO is expected to be entirely an Offer for Sale (OFS), meaning the company will not raise fresh capital. Instead, existing shareholders will sell a portion of their stake to the public. Market estimates suggest that around 4.5% of the exchange's equity could be offloaded. Based on valuations in the unlisted market, this could translate to an issue size of around Rs 23,000 crore, making it a landmark transaction for the Indian capital markets.

Background and Regulatory Path

NSE's journey to an IPO has been nearly a decade in the making. The plan was previously stalled due to regulatory investigations into the co-location case, where some brokers were alleged to have received preferential access to exchange servers. A significant breakthrough occurred earlier this year when the Securities and Exchange Board of India (SEBI) issued a No-Objection Certificate (NoC), clearing a major regulatory hurdle and paving the way for the exchange to proceed with its listing plans.

Analysis and Next Steps

The appointment of such a large syndicate of bankers underscores the complexity and prestige associated with the NSE IPO. The exchange is a critical component of India's financial infrastructure, and its listing will be closely watched by investors globally. With the intermediaries now in place, the next immediate step is the preparation of the Draft Red Herring Prospectus (DRHP). The appointed bankers and lawyers will work on drafting the offer document, which will contain detailed information about the exchange's business, financials, and the terms of the offer. Market participants anticipate that the DRHP could be filed with SEBI within the next two to three months, with a potential listing before the end of the current calendar year.

Conclusion

The finalisation of merchant bankers and other advisors is a concrete and significant milestone in the National Stock Exchange's path to becoming a publicly listed company. This development moves the long-awaited IPO from the realm of speculation to a tangible process with a clear path forward. The focus now shifts to the preparation of regulatory documents, with the Indian market eagerly awaiting the opportunity to invest in its premier stock exchange.