NSE IPO 2026: DRHP filed for ₹30,000-crore OFS

Filing restarts a long-delayed listing plan

The National Stock Exchange (NSE) has filed draft papers with the Securities and Exchange Board of India (Sebi) for its much-awaited initial public offering (IPO), restarting a listing process that has been pending for years. Reports put the public issue size at around ₹30,000 crore, which could make it the largest IPO in Indian stock market history. The proposed listing is coming nearly nine years after NSE’s earlier attempt to go public was derailed. The renewed move follows Sebi issuing a no-objection certificate earlier this year, removing a key regulatory hurdle cited in multiple reports. The IPO is also expected to value NSE at more than ₹5 lakh crore, based on unlisted market estimates mentioned by people familiar with the matter.

What the DRHP proposes

According to the draft red herring prospectus (DRHP) cited in reports, the offer comprises up to 14.89 crore equity shares with a face value of ₹1 each. The issue is structured as a pure offer for sale (OFS), meaning NSE will not issue fresh shares in the IPO. As a result, NSE will not receive any proceeds from the offer and all proceeds will go to the selling shareholders. The DRHP filing is described as a major milestone given the history of delays and regulatory scrutiny around the exchange’s earlier listing plan.

Offer size, stake dilution and public float context

Sources cited in the coverage said the offer size could be around 5% of the exchange’s equity capital, while the DRHP description also indicates existing shareholders collectively divesting nearly 6% stake. The same reporting also notes that this is above Sebi’s minimum public float requirement of 2.5% for companies valued above ₹10,000 crore. The proposed valuation of more than ₹5 lakh crore and the estimated issue size of around ₹30,000 crore together frame the IPO as one of India’s biggest public offerings.

Entirely OFS: why it matters for investors

Because the issue is fully secondary, the IPO is primarily a liquidity event for existing investors rather than a capital-raising exercise for NSE. Investors evaluating the offer will need to read the DRHP carefully to understand the shareholding changes, the identities of selling shareholders, and the risk factors highlighted by the exchange. The absence of fresh issue proceeds is a key structural detail because it clarifies that the funds raised are not earmarked for business expansion, technology upgrades, or other corporate uses by NSE.

Who is selling: major shareholders named in reports

The shareholder list in the reports includes both domestic institutions and global investors. One report said Tiger Global is the largest shareholder participating in the issue, proposing to sell 1.48 crore shares, accounting for over 13% of the total offer size. Another report said State Bank of India (SBI) is expected to be the largest selling shareholder, with up to 2.48 crore shares offered, and also noted SBI’s existing stake of 3.23% in NSE. SBI Capital Markets, a subsidiary of SBI, was reported to hold a 4.33% stake in NSE.

Other major selling shareholders mentioned include MS Strategic (Mauritius) Limited, which may sell 1.60 crore shares, and Canada Pension Plan Investment Board (CPPIB), which may sell 1.19 crore shares. Aranda Investments (Mauritius) Pte Ltd was cited among the sellers, with 1.12 crore shares, while Bank of Baroda was reported to sell 1.10 crore shares. Stock Holding Corporation of India was also mentioned as a seller, with 1.09 crore shares, and was reported to own a 4.44% stake.

LIC is the single largest shareholder but not selling

Life Insurance Corporation of India (LIC) was described as the single largest shareholder in NSE, holding a 10.72% stake. However, the same report said LIC will not offload any shares in the IPO. This detail is important because it indicates that not all large shareholders are using the IPO to reduce exposure.

Background: why NSE’s listing took so long

NSE’s original IPO proposal, reported to be around ₹10,000 crore and filed in 2016, was put on hold amid regulatory investigations. The pause followed allegations of preferential access provided to certain algorithmic traders through NSE’s co-location facility, a controversy that became central to the delay. Momentum for the listing picked up again in 2026 after Sebi’s no-objection certificate, which reports described as the final major regulatory hurdle.

Where NSE shares are expected to list

One report in the provided material said NSE’s shares will be listed only on BSE, similar to how BSE shares are listed only on NSE. The DRHP filing is being closely tracked as it sets the framework for the listing venue, the offer mechanics, and seller participation.

Key figures at a glance

Major selling shareholders mentioned

Market impact and what to track next

The filing itself is a significant marker because it turns a long-anticipated event into a formal regulatory process with public documentation. For market participants, the key near-term focus will be on the details in the DRHP, including the final offer size, seller allocations, and any changes between draft and final documents. The IPO’s structure as a pure OFS makes selling shareholders and their stake reductions central to the story, rather than fundraising for NSE. The next steps will depend on Sebi’s review process and subsequent updates from the exchange and selling shareholders as the issue moves toward launch.