NSE IPO 2026: DRHP Filed for ₹30,000-Cr OFS

NSE takes the first formal step to list

India’s National Stock Exchange (NSE) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), moving closer to a long-awaited initial public offering. The filing is dated June 17, 2026, and is being watched closely because it could be the biggest IPO in Indian market history. The issue is widely expected to be around ₹30,000 crore, with multiple reports pegging it near ₹29,780 crore in grey-market discussions. The listing is also seen as a major capital markets event after secondary markets provided relatively limited excitement for investors.

The IPO is structured entirely as an offer for sale (OFS). That means NSE will not raise fresh capital, and it will not receive any proceeds from the issue. Instead, existing institutional shareholders will sell part of their holdings to the public. The DRHP also states that NSE will list on BSE, a necessary route since exchanges cannot list their own shares on themselves.

What the DRHP says about the offer structure

The public issue comprises up to 14.89 crore equity shares, which is about 6% of NSE’s paid-up capital, according to details cited from the draft papers. With the entire issue being an OFS, the deal is focused on providing liquidity to long-term shareholders rather than funding new business investment. NSE is described as having no promoter, and being owned by a group of institutional shareholders.

Multiple accounts of the transaction note that the IPO is expected to be among the country’s largest this year. It also revives a listing effort that previously stalled in 2016. The current filing follows years of regulatory hurdles, and the latest DRHP submission is positioned as the key procedural milestone that can now move the process into the marketing and pricing phase.

Who is selling and who is staying put

State Bank of India (SBI) is identified as the largest selling shareholder in the OFS component. One report states SBI aims to offload nearly 2.47 crore shares through the IPO. Other institutional holders referenced as sellers include Temasek and Morgan Stanley affiliates. The selling group also includes investors referenced in reports as ranging from state-owned banks to global funds.

LIC is specifically mentioned as opting not to sell in this transaction. The OFS structure therefore concentrates selling among select shareholders while others retain their holdings. The IPO is expected to deliver liquidity for several long-term investors who have held NSE shares through a lengthy period in which a public listing did not materialise.

Issue size, valuation signals, and grey-market chatter

Across the information provided, the expected IPO size clusters around ₹29,780 crore to ₹30,000 crore, often described as roughly a $1 billion to $1.3 billion issue. Valuation markers cited include a level close to ₹5 lakh crore and, separately, an estimate of around $17 billion. Grey-market discussions have also pegged the issue near ₹29,780 crore, while another reference puts the overall fundraise around ₹3.5 billion.

There is also mention that merchant banker sources have discussed a possible offer price discount of 5% to 10% versus private market valuations. A reference price of around ₹1,900 per share is cited in that context, with a note that final pricing would be decided closer to the listing after investor roadshows.

Roadshows, bankers, and expected timing

NSE is expected to commence IPO roadshows within the next couple of months, as per the information provided. The final pricing decision is expected closer to the listing date, following those roadshows. Another detail states NSE has assembled roughly 20 banks to advise on the IPO process, with Kotak Mahindra Capital named among the lead arrangers.

On timelines, the listing is anticipated before December 2026. While the DRHP filing is a critical step, the completion of the IPO will still depend on regulatory review, marketing, and price discovery.

Market reaction: selling-shareholder stocks move

The DRHP filing also influenced stocks connected to the shareholder list. Shares of New India Assurance Company (NIACL), IFCI, and others surged up to 14% on Thursday after the draft IPO papers named them as selling shareholders in the OFS component. The move highlights how market participants quickly reprice listed holders when a long-awaited liquidity event becomes more certain.

For investors, the reaction is also a reminder that the listing is not only about NSE as a business, but also about the potential value unlocking for institutions that hold NSE shares on their balance sheets.

Why the IPO matters for India’s capital markets

NSE is described as India’s largest stock exchange and a leading global derivatives market, with some reports calling it the world’s largest derivatives trading bourse and the most active derivatives exchange globally. A listing of this scale is therefore viewed as a landmark for Indian capital markets, especially after nearly a decade of delays since the earlier 2016 attempt.

One comparison included in the provided information is with Hyundai Motor India’s IPO of ₹27,870 crore in October 2024. Based on the estimates cited, NSE’s IPO could surpass that figure and become the largest IPO in Indian stock market history.

Investor appetite and the broader IPO pipeline

Several references point to strong interest from local investors, with grey-market prices suggesting keen demand. Reports also mention preliminary interest from local mutual funds and international investors. In parallel, the broader market is watching other potential mega listings, including a debut of Mukesh Ambani’s telecom and digital media empire that is described as a $1 billion offering in one reference.

The clustering of large, headline IPOs is being framed as a potential source of renewed investor engagement at a time when secondary markets have been described as lacking excitement. However, the DRHP makes clear that the NSE transaction itself is about shareholder sell-down rather than fresh fundraising.

Key facts at a glance

What to watch next

The next milestones will be SEBI’s review process and the launch of roadshows, which are expected to start within the next couple of months. Pricing discussions will likely firm up closer to the listing, with reports flagging the possibility of a 5% to 10% discount to private market valuations.

For the market, the central point remains that this is a pure OFS: it can reshape shareholding and create liquidity for institutions, while setting a public-market benchmark for one of India’s most important market infrastructure companies. The listing is anticipated before December 2026, keeping the focus on regulatory progress and the timetable laid out after the DRHP filing.