NSE files DRHP for IPO; 14.89 cr shares on offer through OFS, LIC not participating

The Stock Exchange of India (NSE) has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI for its much-awaited initial public offering (IPO), paving the way for one of the largest and most closely watched listings in the Indian capital markets.

The proposed IPO is entirely an offer-for-sale (OFS) of up to 14.89 crore equity shares with a face value of ₹1 each, representing nearly 6% of NSE's paid-up equity capital. As CNBC-TV18 had earlier reported, the issue size has been fixed at 6% of the exchange's paid-up capital. Life Insurance Corporation of India (LIC), one of the key shareholders, will not be participating in the share sale.

The shares will be listed on BSE, just as BSE's own shares are listed on NSE. With NSE’s unlisted market valuation hovering around ₹5 lakh crore, market estimates suggest the IPO could be sized at roughly ₹30,000 crore, potentially making it one of the biggest public offerings in India, close to the ₹27,000 crore Hyundai Motor

India IPO in 2024.

The selling shareholders include State Bank of India (SBI), MS Strategic (Mauritius) Ltd, Canada Pension Plan Investment Board (CPPIB), Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India (GIC Re), New India Assurance, Insurance Company and United India Insurance Company.

According to the DRHP, NSE is India's largest stock exchange in terms of cash market turnover, equity derivatives turnover and exchange-traded currency derivatives turnover. Citing World Federation of Exchanges data, the exchange said it retained its position as the world's largest equity derivatives exchange in FY26, with over 36.99 billion contracts traded, including volumes on NSE Exchange.

NSE highlighted its role in deepening retail participation in Indian capital markets. Its unique registered investor base grew at a compounded annual growth rate of 26.9%, rising from 3.09 crore investors in March 2020 to 12.91 crore as of March 2026. Investors on the exchange are spread across more than 99% of India's postal codes.

The exchange said it facilitated fund mobilisation of ₹20.3 lakh crore through its platform during FY26. As a vertically integrated market infrastructure institution, NSE offers trading, clearing, listing, data services, indices, market analytics and international trading services through its group entities.

The exchange's technology infrastructure processed an average of 12-14 billion messages daily as of March 2026. It also recorded its highest-ever cumulative trading activity on June 4, 2024, when total trades across segments touched 293.85 million.

For FY26, NSE reported revenue from operations of ₹16,601 crore and net profit of ₹10,302 crore, compared with ₹14,780 crore and ₹8,305 crore, respectively, in FY24.

Kotak Mahindra Capital, JM Financial, Morgan Stanley, Citi, HSBC, JP Morgan, SBI Capital Markets and several other investment banks are acting as book-running lead managers to the issue, while MUFG Intime India has been appointed registrar.