After nearly a decade of waiting, the National Stock Exchange (NSE) has finally cleared a major hurdle on its journey to the stock market.
SEBI has issued its final observations for NSE’s proposed Initial Public Offering (IPO), paving the way for one of the most closely watched public issues in India. The proposed IPO could be worth around ₹30,000 crore, potentially making it the largest IPO in the country’s history.
NSE IPO Gets SEBI Approval
SEBI’s approval marks a significant milestone for NSE, whose IPO plans have faced regulatory and legal hurdles since 2016.
The exchange had filed its latest Draft Red Herring Prospectus (DRHP) with SEBI in June 2026. With the regulator’s observations now received, NSE can move towards the final stages of its public issue.
The development comes shortly after the Supreme Court dismissed SEBI’s appeals related to the long-running co-location and dark-fibre matters involving NSE, removing another major obstacle to the listing process.
How Big Could the NSE IPO Be?
The proposed IPO is expected to be around ₹30,000 crore.
If the issue is launched at this size, it would surpass Hyundai Motor India’s ₹27,870 crore IPO from 2024 and become India’s largest IPO by issue size.
The issue could also value NSE at more than ₹5 lakh crore, potentially placing the exchange among India’s largest listed companies by market capitalisation.
It Will Be an Offer for Sale
One important detail investors should understand is that the NSE IPO will be an Offer for Sale (OFS).
The proposed issue involves up to 14.89 crore shares, representing nearly 6% of NSE’s equity. Existing shareholders will sell their shares, rather than NSE issuing fresh shares to raise new capital.
This means the money raised through the IPO will go to the selling shareholders and not directly to NSE.
Among the shareholders expected to sell shares is State Bank of India, which plans to offload up to 2.48 crore shares. LIC, one of NSE’s largest shareholders, is not expected to sell its stake through the IPO.
Why Is the NSE IPO So Important?
NSE is not just another company entering the stock market.
It operates one of India’s most important financial-market platforms and runs the NIFTY 50, India’s benchmark stock-market index.
NSE is also a global leader in derivatives trading. Its listing would therefore give investors an opportunity to participate in the ownership of one of the most important institutions in India’s capital markets.
Interestingly, NSE itself could be listed on the BSE, its long-standing rival that became a publicly traded company in 2017.
When Could the NSE IPO Open?
The final price band and official IPO schedule are yet to be announced.
However, reports indicate that NSE could announce the price band around mid-September, with the IPO potentially opening around September 15 and the listing targeted around September 24–25. These dates are based on reports and remain subject to official confirmation.
What Should Investors Watch?
The excitement around the NSE IPO is understandable, but investors should not make decisions based only on the size or popularity of the issue.
Some important factors to watch include:
NSE’s final IPO valuation
Revenue and profit growth
Dependence on derivatives trading
Regulatory changes affecting F&O markets
Competition from BSE
The final IPO price and valuation multiples
NSE’s strong position in derivatives is a major strength, but it can also become a risk if regulatory changes reduce trading activity or alter market behaviour.
The Bottom Line
The NSE IPO has finally moved from “Will it happen?” to “When will it happen?”
SEBI’s latest approval removes one of the biggest hurdles in NSE’s nearly decade-long listing journey.
With a potential ₹30,000 crore issue, NSE could soon create a new record for India’s largest IPO.
But for investors, the biggest question will not simply be how big the IPO is.
It will be whether NSE’s final valuation makes the IPO attractive.
