NSE IPO 2026: SEBI NOC revives long-delayed listing

Primary market snapshot: activity remains broad-based

India’s IPO market remains active across mainboard and SME counters, even as attention shifts to the long-awaited National Stock Exchange (NSE) listing. Market data shared on April 15, 2026 showed 67 IPOs in 2026 so far, split between 21 mainboard IPOs and 46 SME IPOs.

The broader IPO-linked indices were also in the green at the time of the snapshot. The BSE IPO Index stood at 15,626.56, up 223.38 points (1.45%), while the BSE SME IPO index was at 88,314.30, up 2,039.94 points (2.36%).

Alongside these market indicators, the pipeline includes upcoming SME issues, near-term listings, and a mainboard REIT offer that recently closed.

NSE IPO: what has changed now

The key development for capital markets watchers is that SEBI has issued a No-Objection Certificate (NOC) to NSE for its public listing. The approval is important because it effectively ends a nine-year pause on the exchange’s IPO plans.

NSE had first filed listing papers in 2016 but later withdrew them amid regulatory overhang. With the NOC now issued, the exchange can move to the next operational steps in the process. The article notes that this milestone is being seen as significant for India’s market infrastructure segment because it “unlocks the next steps” in the listing process.

Next steps after the NOC: DRHP and appointments

With SEBI’s NOC in hand, NSE can formally appoint merchant bankers and legal advisors and move towards filing its Draft Red Herring Prospectus (DRHP). The timeline cited in the text indicates the IPO process could take 8 to 9 months from this stage.

However, several core IPO fields remain “to be announced” in the provided details, including opening and closing dates, allotment and listing timelines, and the book-running lead managers and registrar.

IPO structure: OFS-heavy vs fresh issue plus OFS

The text contains two versions of how the NSE IPO may be structured:

• One section says the issue is expected to be structured largely as an Offer for Sale (OFS), implying existing shareholders may dilute and no fresh capital may flow into NSE through the IPO.
• Another section says the IPO will likely include a fresh issue of shares alongside an OFS by existing shareholders, including government and institutional investors, with proceeds supporting technology upgrades, new products, and market expansion.

Both possibilities point to a transaction where shareholder dilution is central, but the final structure will only be clear once NSE files updated documents and discloses the issue composition.

Why NSE’s listing matters for Indian markets

As described, NSE is India’s leading stock exchange by trading volumes and a core part of the country’s equity and derivatives market infrastructure. The listing is framed as a governance and ownership milestone, with objectives including broadening ownership and enhancing governance standards.

The text also suggests the IPO could attract strong institutional and retail interest due to NSE’s “dominant market position” and “stable cash flows,” but it does not provide specific financials or valuation metrics in the NSE IPO section.

Current IPO pipeline: REIT, SME, and listing candidates

Recent and near-term deals highlighted in the data include a mainboard REIT offer and multiple corporate IPOs.

Property Share Investment Trust (PropShare Celestia REIT)

The PropShare Celestia REIT on BSE mainboard was shown with:

• Open: 10 Apr
• Close: 16 Apr
• Issue size: ₹244.65 crore
• Price band: ₹10,00,000 to ₹10,50,000
• Lot: 1 share
• Minimum investment: ₹10,50,000
• Subscription: 0.98x

Mehul Telecom Ltd (SME)

Mehul Telecom Ltd was listed under upcoming IPOs:

• Open date: 17 Apr 2026
• Issue price: ₹96 to ₹98
• Issue size: ₹27.73 crore
• Lot size: 1,200
• Minimum investment: ₹2,35,200

Om Power Transmission Ltd (Mainboard)

In the “IPO Listing Soon” table, Om Power Transmission Ltd (Mainboard) showed a listing date of 17 Apr 2026 and the following subscription breakdown:

• Issue size: ₹150.06 crore
• Minimum investment: ₹14,875
• QIB: 3.65x
• NII: 7.06x
• Retail: 1.54x
• Total subscription: 3.33x

Key IPO data at a glance

How big IPOs have traded post listing

The text also included a comparison table of major Indian IPOs and their performance against issue price (prices as of April 6, 2026 close on NSE). This context is relevant as investors assess whether large listings can sustain valuations after debut.

Separately, the text notes One 97 Communications reported a net profit of ₹225 crore in the latest December quarter versus a net loss of ₹208 crore in Q3 FY25, and revenue from operations of ₹2,194 crore, up 20% YoY.

Market impact: what investors are watching now

For the near-term IPO market, subscription data and minimum ticket sizes remain key. The 0.98x subscription for the PropShare Celestia REIT contrasts with the stronger demand shown for Om Power Transmission (total 3.33x), with particularly high interest from the NII segment (7.06x).

For NSE, the market impact is more about process clarity. The NOC removes a major procedural overhang, but investors still lack visibility on the final issue size, price band, and final mix of fresh issue versus OFS. Those disclosures will determine whether the listing is primarily a liquidity event for existing shareholders or also a capital-raising exercise.

Analysis: why the NOC is a pivotal step

An exchange listing is not just another corporate IPO. NSE sits at the centre of India’s trading ecosystem, and the regulatory history around its 2016 filing made the timeline unusually long. The issuance of an NOC signals that SEBI is willing to let the process move forward, which can reshape expectations for other market infrastructure listings.

At the same time, the text flags a practical constraint: even after the NOC, the IPO could take 8 to 9 months, and major details remain unannounced. That gap between regulatory clearance and investable specifics can keep market conversations active, but it also limits the ability to model the transaction until documents are filed.

Conclusion

The primary market continues to see a steady flow of SME and mainboard issues, while SEBI’s NOC has restarted the NSE IPO process after a long pause. The next concrete milestones will be NSE’s appointments of advisors and the filing of the DRHP, which should clarify timing, structure, and offer size.