Archive · 5 Sep 2026
SEBI Clears NSE’s ₹30,000-Crore IPO After Decade-Long Wait
The National Stock Exchange wants its shares to become available to public investors.
India’s market regulator, SEBI, has allowed NSE to move ahead with its IPO preparations.
Existing shareholders will sell some of their shares, instead of NSE creating new shares.
This means the money raised will go to those shareholders, not to NSE.
The offering could be worth about ₹30,000 crore.
If it reaches that size, it could become India’s biggest IPO so far, surpassing Hyundai Motor India’s issue.
NSE’s listing plans were delayed for nearly 10 years because of regulatory and legal matters.
Reports say the IPO may open and list in September, but the final price and dates have not been announced.
SEBI issued final observations for the National Stock Exchange’s proposed IPO on September 4, clearing a major regulatory hurdle.
The entirely offer-for-sale issue will involve up to 14.89 crore shares, or about 6% of NSE’s paid-up capital.
The IPO could raise around ₹30,000 crore and value NSE at more than ₹5 lakh crore, subject to final pricing.
State Bank of India and MS Strategic are among the largest selling shareholders, while NSE itself will receive no proceeds.
Reports suggest subscription could begin around September 15 and listing could occur between September 21 and 25, but final dates remain unconfirmed.
- Who
- The National Stock Exchange of India, SEBI, and existing NSE shareholders, including State Bank of India and MS Strategic.
- What
- SEBI issued final observations allowing NSE to proceed with preparations for a proposed approximately ₹30,000-crore IPO.
- When
- SEBI issued the observations on September 4, 2026; reports suggest the issue could open around September 15 and list between September 21 and 25.
- Where
- The proposed shares would be listed on Indian stock-market exchanges.
- Why
- The clearance removes a major regulatory obstacle to NSE’s long-delayed listing and allows existing shareholders to sell part of their holdings.
Potential Record IPO
Uncertain Timing and Competition
India’s largest public issue
Potential Record IPO
An issue of roughly ₹30,000 crore would surpass Hyundai Motor India’s approximately ₹27,859-crore IPO and LIC’s ₹20,557-crore offering.
Uncertain Timing and Competition
Jio Platforms’ potential offering has been estimated at about ₹37,700 crore, which could be larger than NSE’s, although no launch timing has been announced.
IPO timetable
Potential Record IPO
Sources cited a possible September 15 launch and listing on September 24-25, or before September 25.
Uncertain Timing and Competition
Other reports said the issue may open the following week or during the week beginning September 21; the final schedule depends on the updated prospectus and price-band announcement.
Valuation and pricing
Potential Record IPO
Market estimates place NSE’s valuation above ₹5 lakh crore, with unlisted-market trading and bankers indicating a possible price near ₹2,000 per share.
Uncertain Timing and Competition
The final issue size, valuation, price band, and investor demand have not yet been determined.
- Estimated issue size
- Around ₹30,000 crore, subject to final terms
- Offer structure
- Entirely an offer for sale by existing shareholders
- Shares offered
- Up to 14.89 crore equity shares
- Stake offered
- Approximately 6% of NSE’s paid-up capital
- Potential valuation
- More than ₹5 lakh crore
- Major sellers
- State Bank of India may sell up to 2.48 crore shares; MS Strategic may sell 1.60 crore shares; CPPIB may sell 1.19 crore shares
- Expected pricing
- Bankers have indicated roughly ₹2,000 per share, while the formal price band remains pending
- Regulatory settlement
- NSE completed a cumulative ₹1,491.21-crore settlement related to the co-location and dark-fibre matters
Sources
Decade-Long Wait Nears End: NSE gets Sebi nod for Rs 30,000-cr IPO
NSE Gets Sebi Nod For ₹30,000 Crore IPO, Set To Become India's Largest Public Issue
National Stock Exchange gets SEBI nod for Rs 30,000-crore IPO, eyes India’s biggest-ever market debut
NSE IPO listing date, timeline: When ₹30,000 cr issue is expected to hit Indian stock market exchanges
