NSE Targets Mid June for IPO Filing, Eyes 2026 Market Debut

The National Stock Exchange (NSE) has asked its bankers to speed up the filing of its draft red herring prospectus (DRHP), with June 15 being considered the target date, according to news reports. The filing is to revive the exchange’s long-delayed listing plans. 

People aware of the process, citing in the reports, said submitting the papers before the end of June would allow NSE to include its financial results for the quarter ended March 2026.  

The exchange announced its quarterly numbers earlier this week. 

Offer for Sale Structure 

The proposed Initial Public Offering (IPO) will be entirely an offer for sale (OFS). Existing shareholders are expected to dilute up to 5% of their stake, depending on market demand during the issue. 

Investors likely to reduce holdings include Temasek, Canada Pension Plan Investment Board, Life Insurance Corporation of India (LIC), and ChrysCapital. NSE is estimated to seek a valuation between ₹4 trillion and ₹6 trillion for the public issue. 

Shares of the exchange continue to trade in the unlisted market. Recent transactions in the grey market have implied valuations of around ₹4.5 trillion to ₹5 trillion. 

Regulatory and Governance Steps 

The exchange said its board had approved the IPO on February 6, 2026, following the receipt of a no-objection certificate from SEBI. NSE said it had no further comments on the matter. 

An extraordinary general meeting has been scheduled for May 25 to seek shareholder approval for amendments to the articles of association as part of the listing process. 

The exchange is also working to resolve pending regulatory matters linked to the colocation and dark fibre cases. A high-powered advisory committee set up by SEBI had recommended settlements exceeding ₹1,800 crore in these cases. 

Long-Pending Listing Plan 

NSE had first filed draft papers for its IPO in 2016. The process, however, was delayed due to regulatory scrutiny related to the colocation matter. 

The exchange has recently added Rajeev Vasudeva as a public interest director and Dinesh Pant as a nominee director representing LIC. NSE is also awaiting approval for the appointment of an executive director. 

Read More: KKR’s Vertis Infra Trust Eyes ₹3,000 Crore IPO; DRHP Filing Expected This Month! 

Conclusion 

NSE’s proposed IPO process has entered the filing stage, nearly a decade after its first attempt in 2016. The exchange is also addressing pending compliance-related matters. 

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