NSE IPO Gets SEBI Clearance; Listing Likely in September

Mumbai, September 4, 2026: The much-awaited Initial Public Offering (IPO) of the National Stock Exchange of India (NSE) has moved closer to reality, with the Securities and Exchange Board of India (SEBI) issuing its observation letter to the exchange on September 4.

The regulatory clearance removes a key hurdle for NSE, which had filed its Draft Red Herring Prospectus (DRHP) in June 2026. Subject to completion of the remaining regulatory and procedural requirements, the public issue and subsequent listing are expected later this month.

According to market sources, the Red Herring Prospectus (RHP) could be filed by September 8, followed by the price band announcement around September 11. The issue could open approximately a week later, with a tentative listing around September 25. These timelines have not yet been formally announced and are reportedly under discussion with merchant bankers.

The NSE IPO will be entirely an Offer for Sale (OFS), with existing shareholders offering up to 14.89 crore equity shares, representing nearly 6% of NSE’s paid-up capital. There will be no fresh issue of shares and, consequently, NSE itself will not receive any proceeds from the offering.

Based on NSE’s unlisted-market valuation at the time of the DRHP filing, the IPO is estimated to be worth around ₹30,000 crore. At an indicative valuation of approximately ₹5 lakh crore, the issue could potentially become India’s largest IPO, surpassing Hyundai Motor India’s ₹27,870 crore public issue of 2024.

SBI Group is the largest selling shareholder and will offer up to 2.475 crore shares. Other major sellers include MS Strategic (Mauritius) Ltd, with up to 1.60 crore shares; Canada Pension Plan Investment Board (CPPIB), with 1.19 crore shares; Aranda Investments, with 1.12 crore shares; Bank of Baroda, with around 1.10 crore shares; and Stock Holding Corporation of India, with around 1.09 crore shares.

Other selling shareholders include General Insurance Corporation of India (GIC Re), The New India Assurance Company, National Insurance Company and United India Insurance Company, besides individual shareholders.

The proposed listing will mark a significant milestone for India’s capital markets, providing investors with a direct opportunity to own shares in the country’s largest stock exchange while enabling existing shareholders to monetise part of their holdings through the public market.