NSE IPO Nears: Exchange Finalises 20 Bankers for ₹23,000 Cr Issue

Introduction

The National Stock Exchange of India (NSE) has taken a decisive step towards its much-anticipated Initial Public Offering (IPO). On Thursday, March 12, 2026, the country's largest stock exchange announced the appointment of a record 20 merchant bankers, eight law firms, and other key intermediaries to manage its public listing. This move signals renewed momentum for the IPO, which has been awaited by the market for several years. Market participants anticipate the issue size could be approximately ₹23,000 crore, making it one of the most significant listings in Indian capital market history.

A Major Step Forward

The finalisation of intermediaries is a critical milestone, effectively kickstarting the formal process for the public offering. The exchange confirmed that the selection was conducted through a transparent and competitive process, overseen by its IPO Committee, which is chaired by Srinivas Injeti. In an official communication, the NSE stated, "The selection process was carried out in accordance with the framework and evaluation methodology approved by NSE's IPO Committee and was conducted through a structured, transparent and competitive process." This development ends a long period of uncertainty and sets a clear path for the exchange to proceed with its regulatory filings.

The Record-Breaking Banking Consortium

NSE has assembled an unprecedented consortium of 20 merchant bankers, setting a new record for an Indian IPO. The list includes a mix of leading domestic and international financial institutions, reflecting the scale and prestige of the offering. Key domestic players appointed include Kotak Mahindra Capital Company, JM Financial, Axis Capital, ICICI Securities, SBI Capital Markets, and HDFC Bank. They are joined by global giants such as Morgan Stanley India, Citigroup Global Markets India, JP Morgan India, and HSBC Securities and Capital Markets (India). The extensive list ensures broad expertise in managing a large-scale public issue.

Legal and Advisory Teams in Place

To navigate the complex legal and regulatory landscape, the NSE has also appointed eight prominent law firms. This legal team includes top-tier firms like Cyril Amarchand Mangaldas, Khaitan & Co, AZB & Partners, Shardul Amarchand Mangaldas & Co, and Trilegal. International counsel from Latham & Watkins LLP and Sidley Austin Singapore will also provide support. Furthermore, other essential intermediaries have been finalised. MUFG Intime India will serve as the registrar for the issue, while firms like Makarand M Joshi & Company, RBSA Advisors, and Concept Communication will assist with due diligence, documentation, and marketing.

Key Intermediaries for the NSE IPO

Here is a summary of the key advisors appointed to manage the NSE's public offering:

Understanding the IPO Structure

The proposed NSE IPO is expected to be entirely an Offer for Sale (OFS). This means that the exchange itself will not raise fresh capital by issuing new shares. Instead, the IPO will provide an exit route for some of its existing shareholders who will sell their stakes to the public. Market estimates suggest that around 4.5% of the exchange's equity could be offloaded. Based on the current unlisted market price, this translates to an estimated issue size of around ₹23,000 crore.

The Path to Listing

The selection process for these intermediaries was advised by Rothschild & Co India, whose engagement concluded with this announcement. With the full team of bankers and lawyers now in place, the next immediate step is the preparation of the Draft Red Herring Prospectus (DRHP). This crucial document contains detailed information about the exchange's business, financials, and the terms of the offer. The appointed teams will work on due diligence, regulatory filings, and marketing strategies.

What Happens Next?

Market experts believe that the NSE could file its DRHP with the Securities and Exchange Board of India (SEBI) within the next few months. Following regulatory approvals, the exchange will decide on the final valuation and launch timeline. While an official date has not been confirmed, the current pace suggests that the IPO could potentially hit the market before the end of the 2026 calendar year. This listing is not just a landmark event for the NSE but also a significant opportunity for investors to own a stake in India's leading stock exchange.

Conclusion

The appointment of a robust team of 20 merchant bankers and other advisors marks the most concrete action taken by the NSE towards its IPO in years. This move clears the way for the next phases of the listing process, including regulatory filings and investor roadshows. For thousands of investors who have been eagerly awaiting this event, the path to the NSE's public listing now appears clearer and more certain than ever before.