The National Stock Exchange of India has officially filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India. This filing initiates what is expected to be one of the nation’s largest initial public offerings. The exchange targets a listing before December 2026, with projected proceeds between ₹20,000 and ₹30,000 crore. Current estimates place the pre-IPO valuation between ₹4.75 lakh crore and ₹5.05 lakh crore.
This milestone follows nearly ten years of regulatory limbo. The path cleared only after NSE proposed settling legacy cases with SEBI for approximately ₹1,491 crore. The offering will be structured as a pure Offer for Sale. Major shareholders including State Bank of India, Temasek, Canada Pension Plan Investment Board, Life Insurance Corporation, and ChrysCapital are expected to divest stakes. No fresh capital will be raised by the exchange itself.
NSE currently commands 93.6% of India’s equity cash market and 99% of derivatives trading. Fiscal year 2025 revenue reached ₹17,141 crore with a net profit margin near 58%. Despite this dominance, investors face significant regulatory exposure. SEBI retains authority to alter market structures that directly impact exchange revenues. Furthermore, the projected valuation represents a substantial premium over global peers, even as competitor BSE gains ground in select segments.