The National Stock Exchange of India, the country’s dominant equities and derivatives exchange, has filed draft documents for what could become one of India’s most significant initial public offerings in recent memory.
NSE is targeting the submission of its Draft Red Herring Prospectus with the Securities and Exchange Board of India around June 15-16, 2026. The filing marks a critical milestone in a listing process that has been stuck in regulatory limbo for the better part of a decade.
What the IPO looks like
The offering is structured as a pure offer-for-sale, meaning existing shareholders will sell a portion of their stakes rather than the exchange raising fresh capital. The dilution is expected to land somewhere in the 4-5% range of total equity.
NSE’s unlisted valuation currently exceeds Rs 5 lakh crore, roughly $60 billion at current exchange rates. Earlier estimates pegged the IPO size at as much as Rs 23,000 crore, which would make it one of the largest public offerings in Indian market history.
