The National Stock Exchange of India, the country’s largest bourse by trading volume, is preparing what would be India’s biggest-ever initial public offering. After nine years of regulatory limbo, the exchange received a no-objection certificate from the Securities and Exchange Board of India (SEBI) in late January 2026, clearing the path for a listing that could reshape how investors access the backbone of Indian capital markets.
The NSE’s board approved the IPO plan on February 6, 2026, and the exchange is targeting a Draft Red Herring Prospectus (DRHP) filing with SEBI by mid-June 2026. The goal is to list before December 2026.
The numbers behind the listing
The IPO is expected to raise between ₹21,000 and ₹25,000 crore, roughly $2.5 billion. That would make it the largest public offering in Indian history by a comfortable margin.
The potential valuation exceeds ₹4.7-5 lakh crore, somewhere north of $55 billion, which would place the NSE among the most valuable exchange operators on the planet.
