NSE IPO Moves Ahead: 20 Merchant Bankers Appointed for Mega Issue

Introduction

The National Stock Exchange of India (NSE) has taken a decisive step towards its much-anticipated Initial Public Offering (IPO) by finalizing a comprehensive list of intermediaries. On March 12, 2026, the country's largest stock exchange announced the appointment of 20 merchant bankers, eight law firms, and several other advisors to manage the public issue. This development marks a significant milestone in a process that has been pending for over eight years, signaling that the mega IPO is now firmly on track.

A Major Step Forward

The selection of intermediaries was concluded following a structured, transparent, and competitive process managed by NSE's dedicated IPO Committee. The exchange confirmed that the appointments were approved based on a thorough evaluation framework. With this step, the engagement of Rothschild & Co India Private Limited, which served as the process advisor for selecting the IPO team, has officially concluded. The formal appointment of this extensive team sets the stage for the next phases of the IPO, which include regulatory filings, due diligence, and the preparation of the draft red herring prospectus (DRHP).

Record-Breaking Consortium of Bankers

In a move that sets a new record for Indian IPOs, the NSE has appointed a consortium of 20 merchant bankers. The previous record was 18 bankers for the ICICI Prudential AMC IPO. This large group includes a mix of domestic and international financial institutions, reflecting the scale and significance of the offering. The appointed bankers are tasked with managing various aspects of the IPO, from valuation and documentation to marketing and execution.

The list of merchant bankers includes:

• Kotak Mahindra Capital Company Limited
• JM Financial Limited
• Axis Capital Limited
• IIFL Capital Services Limited
• Motilal Oswal Investment Advisors Limited
• ICICI Securities Limited
• SBI Capital Markets Limited
• Nuvama Wealth Management Limited
• HDFC Bank Limited
• Avendus Capital Private Limited
• Morgan Stanley India Company Private Limited
• Citigroup Global Markets India Private Limited
• J.P. Morgan India Private Limited
• HSBC Securities and Capital Markets (India) Private Limited
• IDBI Capital Markets & Securities Limited
• 360 ONE WAM Limited
• Anand Rathi Advisors Limited
• DAM Capital Advisors Limited
• Pantomath Capital Advisors Private Limited
• Equirus Capital Private Limited

Legal and Advisory Framework

To ensure robust legal and regulatory compliance, the NSE has also appointed eight prominent law firms. These firms will advise on documentation, regulatory requirements, and other legal aspects of the public offering. The selected firms are Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore Pte. Ltd, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co, and Trilegal.

Key Intermediaries for the NSE IPO

Beyond the bankers and lawyers, a team of other intermediaries has been selected to support the process. This includes the registrar, communication consultants, and strategy advisors.

Background of the Long-Awaited IPO

The journey for the NSE's public listing began in December 2016 when it first filed its draft prospectus. However, the process faced significant delays due to various regulatory investigations and internal governance reviews. The upcoming IPO is structured entirely as an Offer for Sale (OFS), which means that existing shareholders, including institutional investors, will sell their stakes to the public. The exchange itself will not raise any fresh capital through this issue.

IPO Size and Valuation

While the final valuation and issue size will be determined closer to the launch, preliminary estimates based on transactions in the unlisted market suggest the IPO could be worth approximately $1.5 billion, or around ₹22,700 crore. This would make it one of the largest public offerings in the Indian market's history. The final figures will be decided once the merchant bankers complete their due diligence and formal valuation process.

Regulatory Nuances and Listing Venue

A unique aspect of this IPO is that the NSE cannot list its shares on its own platform. Indian regulations prohibit self-listing for stock exchanges to prevent potential conflicts of interest in self-regulation. As a result, NSE's shares will likely be listed on its primary competitor, the BSE Limited, which is already a publicly traded company.

Market Implications

The progress of the NSE IPO is a highly anticipated event for the Indian capital markets. It offers a rare opportunity for public investors to own a stake in the country's largest stock exchange, which is a critical piece of market infrastructure. The listing is expected to enhance corporate governance, bring greater transparency, and provide a valuation benchmark for the exchange. For existing shareholders, it provides a formal exit route and unlocks the value of their long-held investment.

Next Steps and Timeline

With the team of intermediaries in place, the next steps will involve intensive work on the DRHP, which will be filed with the market regulator, SEBI. Although a formal timeline has not been announced, NSE's Managing Director and CEO, Ashish Kumar Chauhan, has previously indicated that the offering could reach the market by the fourth quarter of the next financial year. The market will now await the official filing of the prospectus, which will provide detailed financial information and the proposed terms of the IPO.

Conclusion

The appointment of a record 20 merchant bankers and a full suite of legal and other advisors is the most concrete action taken by the NSE in years to move its IPO forward. This development signals a clear intent to complete the long-delayed public listing. As the process moves into the execution phase, all eyes in the financial community will be on the upcoming regulatory filings, which will pave the way for one of India's landmark public offerings.