National Stock Exchange of India is preparing for what could become the country’s largest ever initial public offering. The exchange is seeking a valuation of up to ₹5.26 lakh crore, equal to nearly 55 billion dollars. Shares are expected to be priced between ₹2,000 and ₹2,100 each. The issue will be structured as an offer for sale, meaning NSE itself will not receive proceeds. The launch is likely in the second half of September 2026, subject to regulatory clearance.
The Securities and Exchange Board of India was expected to approve the offer earlier in August but the process was delayed by about three weeks after changes in the list of selling shareholders. SBI Capital Markets was added to the group, triggering a fresh review. Roadshows have already been planned in major financial centres including New York, London, Singapore, Hong Kong and the Middle East. Around 120 global investors are expected to participate, including BlackRock, Capital Group, GQG Partners and Janus Henderson.
NSE is the world’s largest derivatives exchange by trading volume and holds a near monopoly in cash equities and index options in India. The valuation multiple is considered rich but still priced at a discount compared to rival BSE. This IPO is expected to cement NSE’s dominance while offering investors exposure to India’s expanding capital markets.