NSE IPO: The country’s leading stock market exchange National Stock Exchange (NSE) on Wednesday filed draft documents with market regulator SEBI for approval of the IPO. This IPO, with a size of around Rs 30,000 crore, will be entirely based on the offer for sale by existing shareholders. Sources said that based on the valuation in the unlisted market, the size of this IPO is estimated to be around Rs 30,000 crore. This much-awaited IPO can also leave behind Hyundai Motor India’s record of Rs 27,870 crore IPO in October 2024.
NSE shareholders will sell 14.89 crore shares
According to the draft document, the proposed IPO of NSE will be based entirely on an offer for sale (OFS), in which existing shareholders will sell a total of 14.89 crore shares. Through this IPO, shareholders will collectively sell about 6 percent of their stake in NSE. Major promoters selling stake in NSE through IPO include State Bank of India (SBI), which will sell 2.48 crore shares. Whereas, MS Strategic (Mauritius) Limited will sell 1.60 crore shares.
SBI has 3.23 percent stake in NSE
SBI holds 3.23 per cent stake in NSE, while its subsidiary SBI Capital Markets holds 4.33 per cent. Stock Holding Corporation of India holds 4.44 percent stake in NSE. Other major promoters who sold stake include Canada Pension Plan Investment Board (1.19 crore shares), Aranda Investments (Mauritius) Pvt Ltd (1.12 crore shares), Bank of Baroda (1.10 crore shares) and Stock Holding Corporation of India Ltd (1.09 crore shares). However, the government insurance company Life Insurance Corporation of India (LIC), which holds the largest stake in NSE at 10.72 percent, will not sell any shares in this IPO.
NSE’s IPO has been stuck for a decade
The Board of Directors of NSE had approved the proposed IPO on 6 February. This approval was given after receiving No Objection Certificate (NoC) from SEBI. NSE’s listing plan was stuck for almost a decade due to various regulatory reasons, especially the ‘co-location’ controversy. The IPO process gained momentum again after SEBI granted NOC in January.
NSE had filed documents for the first time in 2016 to bring IPO.
As part of preparations for the IPO, NSE has appointed 20 merchant bankers as well as legal advisors and other intermediaries. The valuation of NSE in the unlisted market is being estimated at more than Rs 5 lakh crore. The exchange has around 1.8 lakh shareholders. NSE had first filed IPO documents in 2016 to raise about Rs 10,000 crore, but SEBI had withheld approval due to concerns over the conduct of business and the co-location issue.
Settlement application was filed in co-location case
In the co-location case, NSE had filed a settlement application with SEBI in June 2025. In this case, some brokers were accused of getting special access to the trading system of the exchange. After a lengthy legal process, NSE had offered to pay Rs 1,388 crore to settle the case in 2025, paving the way for its listing.
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