The National Stock Exchange of India (NSE), the world's largest derivatives trading bourse, has taken its initial step towards a public listing by filing its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026, marking a significant development after a nearly decade-long hiatus. This Initial Public Offering (IPO) is structured entirely as an Offer for Sale (OFS), with no new capital being raised, aiming to sell up to 6% of NSE's equity, estimated at ₹30,000 crore ($3.3 billion), which would make it the largest IPO in Indian history, surpassing Hyundai Motor India's offering. State Bank of India is the largest among several institutional and foreign investors selling shares, while NSE's largest shareholder, LIC, is not participating in the sale. Financially, NSE reported strong performance in FY 2026 with revenue of ₹16,601 crore, a net profit of ₹10,302 crore, and substantial net operating cash flow, all while maintaining zero debt. The IPO process was previously stalled due to governance issues and the co-location controversy, which was settled by NSE in June 2025, paving the way for this long-awaited listing on the BSE.

The National Stock Exchange of India (NSE), the world's largest derivatives trading bourse, has taken its initial step towards a public listing by filing its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026, marking a significant development after a nearly decade-long hiatus. This Initial Public Offering (IPO) is structured entirely as an Offer for Sale (OFS), with no new capital being raised, aiming to sell up to 6% of NSE's equity, estimated at ₹30,000 crore ($3.3 billion), which would make it the largest IPO in Indian history, surpassing Hyundai Motor India's offering. State Bank of India is the largest among several institutional and foreign investors selling shares, while NSE's largest shareholder, LIC, is not participating in the sale. Financially, NSE reported strong performance in FY 2026 with revenue of ₹16,601 crore, a net profit of ₹10,302 crore, and substantial net operating cash flow, all while maintaining zero debt. The IPO process was previously stalled due to governance issues and the co-location controversy, which was settled by NSE in June 2025, paving the way for this long-awaited listing on the BSE.

The National Stock Exchange of India (NSE), the world's largest derivatives trading bourse, has taken its initial step towards a public listing by filing its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026, marking a significant development after a nearly decade-long hiatus. This Initial Public Offering (IPO) is structured entirely as an Offer for Sale (OFS), with no new capital being raised, aiming to sell up to 6% of NSE's equity, estimated at ₹30,000 crore ($3.3 billion), which would make it the largest IPO in Indian history, surpassing Hyundai Motor India's offering. State Bank of India is the largest among several institutional and foreign investors selling shares, while NSE's largest shareholder, LIC, is not participating in the sale. Financially, NSE reported strong performance in FY 2026 with revenue of ₹16,601 crore, a net profit of ₹10,302 crore, and substantial net operating cash flow, all while maintaining zero debt. The IPO process was previously stalled due to governance issues and the co-location controversy, which was settled by NSE in June 2025, paving the way for this long-awaited listing on the BSE.

The National Stock Exchange of India (NSE)is the bourse that processes more derivatives trades than any other exchange on the planet. And it finally took its long-awaited first step towards a public listing, filing its Draft Red Herring Prospectus (DRHP) with markets regulator SEBI on Wednesday, 17 June 2026. Here is why it could become the most valued IPO in Indian history.

The IPO will be entirely an Offer for Sale (OFS) of up to 14.89 crore equity shares, representing approximately 6 per cent of NSE's total equity, with no fresh capital being raised by the company itself.

Based on NSE's valuation in the unlisted market, the issue size is estimated at approximately ₹30,000 crore ($3.3 billion), which would surpass Hyundai Motor India's ₹27,870-crore offering from October 2024 to become the largest IPO in Indian stock market history. The exchange will list on BSE, as stated in the DRHP.

The draft documents also revealed that State Bank of India (SBI) is the single largest seller, offering up to 2.475 crore shares, followed by MS Strategic (Mauritius) Limited, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation, and multiple state-owned insurance companies. Singapore's Temasek (via Aranda Investments) and other foreign institutional shareholders are among the international sellers. Notably, Life Insurance Corporation (LIC), NSE's single largest shareholder with a 10.72 per cent stake, is not selling any shares in this offering.

A look into NSE financials

In FY 2026, the exchange reported revenue from operations of ₹16,601 crore, a net profit of ₹10,302 crore, and a net margin of approximately 51 per cent. The exchange has 129.09 million unique registered investors and a market capitalisation of listed entities totalling ₹411.25 trillion.

With zero debt on its books, NSE generated ₹23,836 crore in net operating cash flow in FY 2026.

This filing ends a near-decade-long saga. NSE first tried to list in 2016, but SEBI stalled the process over governance concerns and the co-location controversy, a case in which certain brokers were accused of receiving preferential access to trading systems.

NSE filed a settlement application in June 2025, offering to pay ₹1,388 crore to resolve the matter, and SEBI granted in-principle approval in January 2026. The board formally approved the IPO on February 9, 2026. Twenty merchant bankers have been appointed to manage the offering.

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