NSE's IPO will be an offer for sale of 14.89 crore shares, with SBI and other holders selling nearly 6% equity. LIC, the largest shareholder, is not selling. PAT fell 15% in FY26.
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India's National Stock Exchange is targeting a September launch for its initial public offering, a person familiar with the plans said. The offer is expected to raise around Rs 30,000 crore and value the exchange at more than Rs 5 lakh crore.
The IPO will be an offer for sale of 14.89 crore shares, equal to nearly 6% of the exchange's equity, according to the draft red herring prospectus filed in June. State Bank of India plans to sell up to 2.48 crore shares. MS Strategic (Mauritius) Ltd will offload 1.60 crore shares. Other selling shareholders include Canada Pension Plan Investment Board, Aranda Investments, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation, and three state-run insurers.
Life Insurance Corporation of India, the largest shareholder with a 10.72% stake, will not participate in the sale, the DRHP showed.
NSE reported a 15% decline in profit after tax for the full fiscal year ended March 2026, to Rs 10,302 crore from Rs 12,188 crore a year earlier. Total income slipped to Rs 18,713 crore from Rs 19,177 crore. In the March quarter alone, however, profit rose 8% to Rs 2,871 crore. Total income for the quarter jumped 22% to Rs 5,360 crore.
The exchange first filed for an IPO in 2016, seeking to raise about Rs 10,000 crore through an offer for sale. The Securities and Exchange Board of India did not clear that proposal amid governance concerns tied to the co-location matter. NSE has since adopted a series of compliance measures and made repeated representations to the regulator seeking approval. Twenty merchant bankers have been appointed to manage the current issue, alongside legal advisers and other intermediaries.
Jio Platforms, promoted by Reliance Industries, filed its own draft papers with Sebi in June. That issue is expected to be the largest in Indian stock market history, eclipsing even NSE's offering in size.
Roadshows are expected to begin in the coming weeks. Pricing and investor demand will be shaped by NSE's declining annual profit, the governance overhang, and the competition for capital from Jio's blockbuster issue. The exchange has roughly 1.8 lakh shareholders, many of whom are watching how the OFS proceeds.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.