Archive · 5 Sep 2026
SEBI Clears Way for National Stock Exchange’s ₹30,000-Crore IPO
The National Stock Exchange of India wants to let the public buy some of its shares.
India’s market regulator, SEBI, has allowed the exchange to move closer to launching its IPO.
The issue could be worth about ₹30,000 crore, which would make it larger than India’s previous biggest IPOs.
The shares being sold already belong to existing institutional investors.
The National Stock Exchange itself will not create new shares for this offering.
Instead, the selling shareholders will receive the money raised.
The unofficial grey market price is ₹200 above an expected share price, but this price can change and is not guaranteed.
The exchange has not yet announced the official price band or opening date.
Reports suggest it may begin book-building in September 2026 and list later that month.
The Securities and Exchange Board of India has issued final observations for the National Stock Exchange’s proposed IPO.
The issue is estimated at ₹30,000 crore, which could make it India’s largest IPO.
The IPO’s unofficial grey market premium was reported at ₹200 per share as of Friday.
The offering will be an offer for sale of up to 149 million existing shares, equal to 6% of paid-up capital.
The National Stock Exchange has not announced the price band or subscription dates, though reports suggest a September 2026 listing target.
- Who
- The National Stock Exchange of India, SEBI, and its existing institutional shareholders.
- What
- SEBI has issued final observations for the National Stock Exchange’s proposed ₹30,000-crore IPO.
- When
- SEBI’s final observations were received on September 4; reports indicate a possible September 2026 launch and listing.
- Where
- India.
- Why
- Existing institutional shareholders plan to sell up to 149 million shares to public investors.
Potential Upside
Valuation Caution
Expected valuation and investor demand
Potential Upside
Supporters point to the exchange’s potential ₹30,000-crore valuation, reported interest from mutual funds, and the possibility of strong market demand.
Valuation Caution
The final valuation and price band remain undecided, and Reuters sources indicated that some large investors would be comfortable buying at around ₹1,800 per share rather than at a higher level.
Grey market premium and listing gains
Potential Upside
The reported ₹200 grey market premium suggests possible investor interest and could imply a listing gain if the shares are allotted.
Valuation Caution
Grey market prices are unofficial, can change before the IPO opens, and do not necessarily represent the final valuation or listing performance.
Timing after regulatory delays
Potential Upside
SEBI’s observations clear a major regulatory hurdle after the IPO process was delayed for years.
Valuation Caution
The National Stock Exchange still has to announce formal issue details, and reported September dates are projections rather than confirmed dates.
- Estimated issue size
- ₹30,000 crore
- Reported grey market premium
- ₹200 per share as of Friday
- Shares offered
- Up to 149 million existing equity shares
- Portion of paid-up capital
- 6%
- Issue structure
- Entirely an offer for sale; no fresh shares will be issued
- Official IPO details
- The price band, subscription opening date, allotment date, and listing date have not been announced
- Reported timetable
- Reuters sources said book-building could begin September 11, with the price band potentially announced September 15 and listing targeted for the week beginning September 21
- Earlier regulatory settlement
- The National Stock Exchange reached a ₹1,300-crore settlement with SEBI in January 2026
