India’s National Stock Exchange, the backbone of the country’s equity markets, has officially filed to go public. The exchange submitted its Draft Red Herring Prospectus to the Securities and Exchange Board of India on June 17, 2026, setting the stage for what could be one of India’s largest-ever IPOs.
The offering is expected to raise around ₹29,780 crore (roughly $3.5 billion) at a valuation exceeding ₹5 lakh crore. To put that in perspective, the Indian IPO market has raised only about $3.5 billion total in 2026 so far. This single listing could effectively double the year’s haul.
A decade in the making
The NSE has been attempting to go public since 2016. A full decade of false starts, regulatory headaches, and governance investigations kept the exchange from crossing the finish line.
The breakthrough came in January 2026, when the NSE reached a ₹1,300 crore settlement with SEBI to resolve a slate of legacy issues. That settlement effectively cleared the regulatory pathway and set the IPO machinery in motion.
