Mumbai: The National Stock Exchange of India (NSE) is preparing to launch what could become one of the biggest initial public offerings (IPOs) in India’s capital market history. According to a Bloomberg report, the exchange is expected to begin formal marketing for its proposed IPO as early as next week, with investor roadshows planned across major global financial centres ahead of a likely September listing.

The IPO is expected to raise up to $3 billion (around ₹25,000 crore) through an offer for sale (OFS), making it one of the largest public issues ever undertaken by an Indian company. While the proposed timeline points to a September debut, market experts note that the valuation and final schedule could still change depending on regulatory and market conditions.

Global investor outreach to begin next week

As part of its IPO preparations, NSE is expected to conduct investor meetings in key financial markets, including the United States, London, Singapore, Hong Kong, the Middle East and India.

The international roadshow aims to generate interest among institutional investors before the share sale opens. Such marketing exercises are common for large IPOs, particularly those seeking participation from global funds and sovereign wealth investors.

Bloomberg reported that the exchange is targeting a September listing, although the timeline remains subject to approvals and prevailing market conditions.

IPO to be entirely an offer for sale

According to the draft prospectus filed by NSE last month, the proposed IPO will consist entirely of an offer for sale, meaning the company itself will not issue new shares or raise fresh capital.

Instead, existing shareholders will sell up to 148.9 million shares, representing nearly 6 per cent of the exchange’s equity.

As no fresh shares are being issued, the proceeds from the IPO will go to the selling shareholders rather than the exchange itself.

The structure allows early investors and institutional shareholders to monetise part of their holdings while expanding the company’s public shareholding.

NSE valuation crosses ₹5.25 lakh crore

According to Bloomberg, citing data from unlisted stock trading platform UnlistedZone.com, NSE is currently valued at more than ₹5.25 lakh crore ($55.1 billion) in the grey market.

If the proposed valuation is reflected in the IPO, it would place NSE among India’s most valuable listed financial institutions.

However, analysts caution that grey market valuations are unofficial and may differ from the final IPO pricing determined during the book-building process.

The exchange’s eventual valuation will depend on investor demand, market sentiment and broader economic conditions at the time of listing.

Leading investment banks appointed

To manage the landmark public issue, NSE has reportedly appointed around 20 investment banks.

According to the Bloomberg report, the book-running lead managers include Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC and Citigroup, among others.

The large syndicate reflects the scale and global significance of the proposed IPO, which is expected to attract strong participation from both domestic and international institutional investors.

Landmark listing for India’s capital markets

NSE’s public listing is widely expected to mark a significant milestone for India’s financial markets.

Beyond unlocking shareholder value, the listing is expected to enhance corporate governance, improve transparency and strengthen investor confidence in India’s largest stock exchange.

NSE has witnessed remarkable growth in recent years. According to the latest available data, its investor base crossed 11 crore in January 2025, making it one of the world’s leading platforms for capital raising and equity trading.

The exchange currently processes more than 2,000 crore orders on active trading days and nearly 30 crore trades during peak market sessions, highlighting the rapid expansion of India’s equity market and increasing retail investor participation.

The proposed IPO also comes at a time when several high-profile companies are preparing to access the capital markets, including Reliance Industries’ digital arm Jio Platforms and SBI Mutual Fund, potentially making the coming months one of the busiest IPO periods in recent years.

Conclusion

The National Stock Exchange’s proposed $3 billion IPO has the potential to become a defining moment for India’s capital markets. With global investor roadshows expected to begin shortly and a September listing under consideration, the issue is likely to attract significant domestic and international interest. While the final valuation and timeline remain subject to market conditions, the listing would further reinforce India’s position as one of the world’s fastest-growing financial markets.