National Stock Exchange (NSE) is set to file its DRHP by June 2026 for a long-awaited IPO that could raise up to ₹23,000 crore via a 4-4.5% stake sale. Learn how Sebi’s approval, a large syndicate of 20 merchant bankers and 8 law firms, and a decade-long listing journey are shaping one of India’s biggest IPOs.

NSE to File DRHP by June, IPO May Raise Up to ₹23,000 Cr

National Stock Exchange (NSE) is likely to file its draft red herring prospectus (DRHP) for the long-awaited initial public offering (IPO) by the end of June 2026, with the exchange targeting a listing in the third quarter of the current financial year, according to a report by CNBC-TV18.

The proposed timeline suggests that the listing could take place before December 2026, marking a major milestone in the exchange’s prolonged IPO journey. Earlier reports had indicated that the bourse was preparing to submit preliminary documents to the Sebi by May-end or early June, as the process gains momentum following key regulatory approvals.

The IPO is expected to be a pure offer-for-sale (OFS), with existing shareholders likely to dilute around 4-4.5% stake. The exchange does not plan to raise fresh capital through the issue.

The offering could raise between $1.5 billion and $2.5 billion (approximately ₹23,000 crore), depending on market conditions and final valuations, making it one of the largest IPOs in India’s capital markets.

The IPO process has gathered pace after Sebi, in January 2026, cleared a major hurdle by allowing the exchange to proceed with its listing, ending years of delays linked to the co-location case.

Since then, NSE has appointed around 20 merchant bankers to manage the issue, an unusually large syndicate that reflects the scale and complexity of the offering.

The exchange’s listing has been in the works for nearly a decade. NSE had first attempted to go public in 2016, but regulatory scrutiny and legal challenges had stalled the process for years.