New Delhi, September 4: The NSE listing is now in sight, with market regulator Securities and Exchange Board of India (SEBI) clearing the long-pending initial public offering (IPO) of the National Stock Exchange (NSE). SEBI issued its observation letter to the exchange on September 4, according to Moneycontrol.
The regulatory clearance removes a key hurdle for NSE, which had filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026, nearly a decade after its earlier plans to list were stalled due to regulatory issues.
With the observation letter now issued, NSE is expected to move towards the final stages of the IPO process. The exchange is likely to launch the public issue and list its shares on the BSE later this month, subject to the completion of the remaining regulatory and procedural steps.
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 per cent of NSE’s paid-up capital. Since there will be no fresh issue, NSE itself will not receive any proceeds from the offering.
Based on NSE’s unlisted-market valuation at the time of filing the DRHP, the IPO is estimated to be worth around Rs 30,000 crore. At an indicative valuation of around Rs 5 lakh crore, the issue could become India’s largest IPO, surpassing Hyundai Motor India’s Rs 27,870-crore issue in 2024. However, the final issue size and valuation will depend on the price band decided ahead of the IPO.
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