NSE IPO 2026: DRHP filed for ₹30,000 crore issue on BSE

Filing ends a long wait for India’s largest exchange

The National Stock Exchange of India (NSE) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its long-awaited initial public offering. The filing was made on Wednesday, June 17, 2026, and it moves the exchange closer to a public listing after years of regulatory delays. NSE is India’s largest stock exchange and is also described as the world’s most active derivatives exchange.

The IPO is expected to be a landmark event for India’s market infrastructure space because NSE is a core institution for trading, clearing, and price discovery. Market participants have tracked its listing plans for years, particularly because NSE shares have been actively traded in the unlisted market. The DRHP filing now starts SEBI’s formal review process, which will determine when the offer can open.

Issue structure: a pure offer-for-sale, no fresh capital

NSE’s proposed IPO is entirely an Offer for Sale (OFS), meaning the exchange itself will not raise fresh equity capital through the public issue. Instead, existing shareholders will sell a portion of their holdings. As per the draft filing details carried in reports, the IPO will include up to 148,905,525 equity shares with a face value of ₹1 each.

Multiple reports describe the OFS size as about 14.89 crore shares, representing roughly 6% of NSE’s equity. Because it is a secondary sale, the proceeds will go to selling shareholders rather than the company. The structure also implies that the listing is aimed at providing liquidity and a transparent market price for NSE shares, rather than funding new expansion through the IPO itself.

Expected IPO size: around ₹30,000 crore

The issue is widely estimated at around ₹30,000 crore, positioning it as a contender for India’s largest-ever public issue. Coverage also points to comparisons with Hyundai Motor India’s IPO, which raised about ₹27,870 crore in October 2024. If NSE reaches the indicated issue value, it would surpass that earlier benchmark.

The implied scale is linked to NSE’s unlisted market valuation, which has been cited at over ₹5 trillion (about ₹5 lakh crore) based on prevailing unlisted prices referenced in reports. Another report notes that, at a price of 1,900 rupees per share, the IPO would be worth about $1.3 billion. These figures indicate the magnitude of the listing in both local and global terms, although the final offer size and pricing will depend on SEBI observations and the book-building process.

Who is selling: ten investors in the offer-for-sale

The OFS is expected to include sales by ten investors. Reports identify State Bank of India (SBI) and Singapore’s Temasek among the major shareholders participating. Coverage also refers to the involvement of Canada’s national pension manager and a Pension Plan Board among those reducing holdings.

A Reuters report adds that the top 10 investors offering shares are set for a windfall worth about $1.6 billion, based on acquisition prices disclosed in the draft prospectus. The identities and exact quantities for each selling shareholder are part of the draft filing, and the final shareholder sell-down will be visible once the offer details are finalised.

Listing venue: NSE plans to list on BSE

NSE’s shares are proposed to be listed on BSE Limited, according to the DRHP-related details reported. For investors, the listing venue is an important operational detail because it clarifies where NSE shares will trade post-IPO. The BSE listing also aligns with the disclosures noted in coverage that specifically mentions BSE as the exchange for listing.

The filing also comes at a time when India’s IPO market is being watched for signs of revival after a period described as “IPO stagnation” in reports. In that context, a large market-infrastructure listing could become a reference point for investor appetite and pricing.

Why it took so long: the co-location controversy and SEBI settlement

NSE has been trying to list since 2016, when it first submitted IPO papers to the market regulator. The listing plan was stalled due to regulatory hurdles, particularly the co-location controversy that involved allegations of unfair market access. Reports note that these issues kept the listing on hold for nearly a decade.

The process moved forward after SEBI granted in-principle settlement approval in January 2026, as cited in coverage. That regulatory step helped clear a major overhang and allowed NSE to return to the market with a fresh DRHP filing.

SEBI review timeline and what to watch next

Market experts quoted in reports indicate that SEBI clearance for such filings typically takes three to four months. NSE has not detailed an exact timeline in the coverage, but the stated review duration places the listing as a possibility later in 2026, subject to regulatory observations and completion of the offer process.

Reuters also reported that the exchange is likely to begin IPO roadshows over the next two months, citing sources. The same report said both domestic mutual funds and global funds have shown early interest in anchoring the issue. These steps, if they proceed as indicated, would be part of the standard pre-IPO marketing cycle ahead of book-building.

How the IPO fits into the year’s mega-issue pipeline

Some reports frame NSE’s IPO as one of two mega offerings expected in India this year, alongside Mukesh Ambani’s Reliance Jio. One report mentions Reliance Jio could list in an IPO worth about $1 billion.

Another estimate cited in coverage suggests that, combined, the fundraising potential of NSE and Reliance Jio could exceed 600 billion rupees. That comparison is used to highlight how large these deals could be relative to broader annual IPO fundraising trends.

Key facts table

Market impact: what this changes for investors

Because the IPO is a pure OFS, it is primarily a liquidity event for existing shareholders rather than a capital raise for NSE. Still, a public listing can materially change how investors and institutions value NSE by shifting price discovery from the unlisted market to an exchange-traded price.

The IPO is also being tracked as a market signal. A large, closely watched issue can influence sentiment across the primary market, especially if it attracts strong anchor participation and sees broad institutional demand. The eventual timeline depends on SEBI’s observations on the DRHP and NSE’s subsequent steps, including any roadshows and the finalisation of issue terms.

Conclusion

NSE’s DRHP filing on June 17, 2026 is a major step toward a public listing after nearly a decade of delays linked to regulatory issues and the co-location controversy. The proposed ₹30,000-crore OFS of about 148.9 million shares, with a BSE listing, now hinges on SEBI’s review process, which is commonly cited as taking three to four months.