India’s National Stock Exchange is going public, and it’s not being shy about it. The exchange that processes the vast majority of India’s derivatives trading is now courting roughly 30 global investors for what could become the largest IPO in the country’s history.
The NSE filed its Draft Red Herring Prospectus with India’s Securities and Exchange Board (SEBI) on June 17, 2026, kicking off a process that targets estimated proceeds of ₹25,000 to ₹30,000 crore, roughly $3 billion to $3.6 billion. For context, that would surpass Hyundai Motor India’s ₹27,859 crore offering, which currently holds the crown as India’s biggest IPO.
What the deal looks like
The IPO is structured as a 100% offer-for-sale, meaning the NSE itself won’t pocket the cash. Instead, approximately 14.89 crore equity shares will be sold by existing stakeholders looking to trim their positions.
State Bank of India, one of the country’s largest financial institutions, plans to offload around 2.48 crore shares as part of the deal. Other global investors holding stakes in the exchange are similarly eyeing the exit, or at least a partial one.
