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After a decade’s wait, India’s largest stock exchange NSE files papers for IPO
- IBJ Bureau
- Jun 18, 2026
National Stock Exchange of India (NSE) has filed draft papers for an initial public offer (IPO).
This will be one of two mega IPOs in the country this year, alongside Mukesh Ambani’s Reliance Jio.
NSE, India’s largest bourse and the world’s most active derivatives exchange, has been trying to list since 2016, when it had first submitted IPO papers.
However, markets regulator SEBI had stalled NSE’s public offer due to an ongoing regulatory enquiry.
Rival exchange Bombay Stock Exchange (BSE) was listed in 2017.
NSE has an estimated valuation of $55 billion (about Rs 5,20,000 crore) based on shares traded in the unlisted market, which would place it among India’s 10 largest companies by market capitalisation.
That is comparable to the London Stock Exchange Group, valued at $58 billion.
While NSE has not detailed a timeline for its IPO, the public offer after regulatory clearances would take at least three to four months.
Set up in 1992, NSE is already India’s most widely held unlisted company with 2,00,909 shareholders.
The proposed IPO will see shareholders offer 14.89 crore equity shares or 6 per cent of NSE’s total shares for sale, according to the draft documents.
Earlier this year, the government had halved the minimum IPO float for large companies, allowing those valued above Rs 5 lakh crore ($57 billion) after listing to sell just 2.5 per cent of their paid-up capital.
Major domestic institutions, such as State Bank of India, Bank of Baroda and State-owned insurance companies, are selling their shares, while Singapore’s Temasek and the Canada Pension Plan Investment Board are among the major foreign institutions selling shares.
With around 25.7 crore investor accounts and around 13 crore unique investors, NSE has a larger retail base than global peers.
Exchanges such as the CME Group, Nasdaq and New York Stock Exchange, operate largely on an institutional model, where retail traders access capital markets through large trading firms.
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