NSE gets SEBI nod for Rs 30,000-Cr IPO, India's largest public issue

The National Stock Exchange (NSE) has secured market regulator Sebi's approval for its much-awaited IPO, estimated at around Rs 30,000 crore, paving the way for one of the largest public issues in the history of the Indian stock market. According to an update with the markets regulator, NSE obtained Sebi's final observations on Friday, September 4. NSE had filed its draft papers with the markets regulator in June for the proposed public issue.
Receiving SEBI's observations is a key step in the IPO process, after which the company can proceed with further preparations for the public issue, subject to applicable regulatory requirements. The approval marks a major step for NSE, whose listing plans had been stalled for nearly a decade due to regulatory hurdles, including the co-location controversy.
The public issue will be entirely an offer for sale (OFS) of 14.89 crore shares with existing shareholders collectively divesting nearly 6 per cent of the exchange's stake, according to the draft red herring prospectus (DRHP). Among the top selling shareholders, State Bank of India will offload up to 2.48 crore shares, followed by MS Strategic (Mauritius) Limited with 1.60 crore shares.
According to people familiar with the matter, the IPO size could be around Rs 30,000 crore, implying a market capitalisation of over Rs 5 lakh crore. This long-awaited public offering will surpass the previous record held by Hyundai Motor India's Rs 27,870 crore issue launched in October 2024.
The development also comes after the Supreme Court dismissed Sebi’s appeal against NSE in the co-location case, removing a key regulatory overhang for the exchange’s listing plans. NSE currently trades in the unlisted market at around Rs 1,975-2,000 per share, implying a valuation of roughly Rs 5 lakh crore. That would make it one of the most valuable listed financial institutions in India once the public issue is completed.
NSE commands a near-total share of trading volumes across India's two most actively traded asset classes, a position that has made it one of the most closely watched unlisted names on Dalal Street for years. The company has played a pivotal role in transforming the capital markets in India by democratizing access and enabling efficient capital flows through a transparent, technology-driven ecosystem.

(Business Correspondent)