The National Stock Exchange of India is gearing up to formally market what could be one of the largest IPOs the country has ever seen. NSE, which handles roughly 93% of all equities trading in India, is set to begin investor roadshows as it pushes toward a public listing valued between $2.6 billion and $3.3 billion.
The exchange itself carries an estimated valuation of around $55 billion in the unlisted market, which means this offering represents just a sliver of the overall pie.
What the offering actually looks like
NSE filed its Draft Red Herring Prospectus with India’s Securities and Exchange Board (SEBI) on June 17, following board approval back in February 2026. The IPO is structured as an offer-for-sale, meaning existing shareholders are selling approximately 6% of the company’s equity, or about 148.9 million shares. No new shares are being issued.
The projected share price sits around 1,900 rupees per share in some estimates.
