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

NSE moves closer to its long-awaited listing

The National Stock Exchange (NSE) has taken a major step toward its long-awaited initial public offering after filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The filing is dated Wednesday, June 17, 2026, according to the reports cited. NSE is India’s largest stock exchange, and a listing has been discussed for years. The latest development signals that the process has formally moved into the regulatory review phase. Multiple reports describe the deal as potentially among the largest public offerings in India’s capital market history. The proposed issue is expected to be structured entirely as an offer for sale (OFS). That structure matters because it determines who receives the IPO proceeds.

DRHP filing details and what is being offered

As per the information reported, the IPO will be entirely an OFS with no fresh issue component. That means the exchange itself will not raise new capital through the IPO. Instead, the shares will be sold by existing shareholders, and the money raised will accrue to those selling shareholders. Reports indicate current shareholders collectively plan to sell roughly 6% of NSE through the IPO. The DRHP is for a maiden stake sale, and the filing is being seen as a key step after a long wait. One report describes the move as bringing NSE closer to listing after nearly a decade. The issue is expected to consist of up to 148,905,525 equity shares.

Size of the IPO: reports point to ₹25,000–₹32,000 crore

The reported IPO size varies across sources, but the broad range is clear. Some reports place the issue in the ₹25,000–₹30,000 crore band. Others estimate the deal could be around ₹30,000 crore, with some putting it at ₹30,000–₹32,000 crore. If it comes in at the upper end of that range, it could be the largest IPO in India, according to the same reports. One comparison cited is Hyundai Motor India’s ₹27,000 crore issue in 2024. The “largest IPO” framing is tied to issue size, not to any confirmed final price band or final subscription size, which would come later.

Issue structure: face value and share count

The DRHP outlines an offer-for-sale of up to 148,905,525 equity shares, which is also described as 14.89 crore shares. The face value is reported at ₹1 per share. The offered shares represent nearly 6% of NSE’s paid-up capital, based on the reported details. Because the issue is fully an OFS, investors should expect the transaction to be primarily a liquidity and partial exit event for some shareholders, rather than a capital raise for the exchange. The OFS structure also typically shapes how market participants evaluate the near-term impact on the company’s balance sheet. Here, since there is no fresh issue, there is no direct inflow into NSE.

Who sells and who stays: LIC, SBI and other shareholders

Shareholding details highlighted in the reports have drawn attention, especially among public-sector investors. State-owned Life Insurance Corporation of India (LIC) is stated to be the single largest shareholder, holding a 10.72% stake in NSE. Multiple reports say LIC is unlikely to sell and is expected to retain its entire holding through the IPO. State Bank of India (SBI) and its subsidiary SBI Capital Markets together are reported to own around a 7.5% stake. In the OFS, SBI is expected to be the largest selling shareholder, with one report stating it will offload 2.4 crore shares. Another data point in the coverage is that PSU institutions collectively hold about 31% of NSE and may offload shares worth around ₹15,500 crore.

Valuation signals: over ₹500,000 crore mentioned

Beyond the issue size, another figure doing the rounds is NSE’s implied valuation. Reports say the proposed IPO could value NSE at over ₹500,000 crore. If that valuation is reflected in final pricing, it would place NSE among India’s most valuable listed companies, as noted in the coverage. However, the valuation cited is an expectation based on sources and industry discussion, and final valuation would depend on the price discovery process. Still, the numbers indicate why this listing is being closely tracked. A high valuation combined with a large OFS size makes the event relevant not just for IPO investors, but also for listed market intermediaries and the broader capital markets ecosystem.

Where the shares will list

According to the information provided, NSE shares are expected to list on the Bombay Stock Exchange (BSE). The listing venue is a notable detail because NSE itself operates a competing exchange platform. The reports do not indicate any alternative listing venue. This is one of the key operational specifics that the market typically looks for once an exchange operator moves toward public listing.

What happens next: SEBI review and the tentative timing window

With the DRHP filed, the next step is SEBI’s review process. The timeline for that review is described as taking place over the next few weeks, as per reports. For the IPO launch window, sources cited in the coverage point to a possible October–November 2026 timeframe. One report describes it more specifically as a window between Navratri and Diwali. These timelines are based on reported expectations rather than a formally announced schedule. The final launch would depend on regulatory clearances and completion of the IPO process milestones.

Key facts at a glance

Market impact: what the OFS structure means for investors

A fully OFS IPO changes how investors interpret the offer. Since NSE will not receive proceeds, there is no immediate IPO-related capital addition to the exchange’s books based on the reported structure. Instead, the transaction provides an avenue for existing shareholders to monetise part of their holdings. The reported plan to sell about 6% indicates a relatively small slice of equity being made available compared to the implied valuation discussed. The involvement of large public-sector holders also adds focus on who participates in the sale and at what level. LIC’s reported decision not to tender shares stands out because it is the single largest shareholder.

Why this filing matters for India’s capital markets

NSE plays a central role in India’s trading and market infrastructure, so its IPO process has broad relevance. The reported issue size of ₹25,000–₹32,000 crore, if realised, would set a new benchmark for capital market deals. It also highlights the growing depth of India’s primary market, where large issuers and large shareholder sell-downs have become feasible. The DRHP filing itself is a milestone, especially given that reports describe the listing as long-awaited. The next major markers to watch will be the progress of SEBI’s review and the eventual confirmation of timing.

Conclusion

NSE’s DRHP filing with SEBI on June 17, 2026 sets the stage for a large, fully OFS IPO in which existing shareholders are expected to divest about 6% of the exchange. Reports peg the issue at ₹25,000–₹32,000 crore, with valuation expectations cited above ₹500,000 crore and a proposed listing on BSE. LIC, the largest shareholder with a 10.72% stake, is reported unlikely to sell. The next confirmed milestone will be SEBI’s review outcome, followed by a clearer IPO timetable that reports currently place in the October–November 2026 window.