NSE IPO 2026: DRHP Filed With SEBI — India’s Biggest IPO Is Finally Here
By Kaushik Brahmakshatriya
Published On 20 June 2026.
NSE IPO 2026
After nearly a decade of waiting, India’s largest stock exchange has formally taken its first step toward a public listing. On June 17, 2026, the National Stock Exchange (NSE) officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
This single event has ignited massive excitement across India’s investment community — and for good reason. The NSE IPO could potentially become the largest IPO in Indian stock market history.
What Is the NSE IPO All About?
The NSE IPO 2026 involves the proposed listing of the National Stock Exchange of India, the country’s largest stock exchange and a key pillar of India’s capital markets. NSE plays a major role in India’s equity market, derivatives market, market data, broker connectivity, and trading technology.
What makes this IPO truly unique is that NSE is itself the marketplace where thousands of companies trade daily. Now it is seeking to become a publicly traded entity — but with one important distinction. The issue is structured entirely as an Offer for Sale (OFS), meaning existing shareholders are selling shares and NSE itself is not issuing fresh equity or receiving any new capital.
Early estimates put the NSE IPO size at close to ₹30,000 crore, based on the exchange’s unlisted valuation of nearly ₹5 lakh crore, which could make it the largest IPO in India, ahead of the Hyundai Motor India IPO’s ₹27,859 crore issue in 2024.
The Long Road to This IPO
The journey toward listing has been anything but smooth. NSE’s first DRHP was filed way back in December 2016, but the process was stalled due to regulatory scrutiny, governance issues, and investigations related to the co-location case.
The turning point came in early 2026. SEBI issued its No Objection Certificate (NOC) on January 30, 2026, clearing regulatory hurdles that had delayed the listing for nearly a decade. Following that, NSE’s board approved the IPO plan on February 6, 2026.
NSE IPO Key Issue Details
| Parameter | Details |
| DRHP Filing Date | June 17, 2026 |
| Issue Type | Offer for Sale (OFS) — 100% |
| Total OFS Shares | Total OFS SharesUp to 14.89 crore equity shares (~6% dilution) |
| Expected Issue Size | ₹25,000 – ₹30,000 crore |
| Expected Valuation | Over ₹5 lakh crore (~$60 billion+) |
| Fresh Issue | Nil (NSE receives zero funds) |
| Expected Listing ExchangeBSE (NSE cannot list on itself) | BSE (NSE cannot list on itself) |
| Target Listing Window | October – November 2026 |
Who Is Selling in the OFS?
Since no fresh shares are being issued, the IPO proceeds will go entirely to selling shareholders. Major selling shareholders include State Bank of India (24.75 million shares), MS Strategic Mauritius (16 million shares), along with other institutions including Bank of Baroda, insurance companies, and global investors. (Cleartax)
Notably, LIC, the single largest shareholder at approximately 10.7%, is reportedly not selling in this round and is not in the selling-shareholder list
Major OFS Sellers in NSE IPO
| Shareholder | Shares Offered (Approx.) |
| State Bank of India (SBI) | 2.47 crore shares |
| MS Strategic Mauritius | 1.60 crore shares |
| Bank of Baroda | ~1.10 crore shares |
| GIC Re | ~1.07 crore shares |
| New India Assurance | Part of OFS pool |
| LIC | NOT selling in this round |
NSE Financial Snapshot and Valuation
NSE’s FY26 EPS stands at ₹41.62 (post a 4:1 bonus issue in mid-2024). Interestingly, FY26 revenue and profit were actually down from FY25, impacted by SEBI’s F&O curbs on derivatives volumes. (Unlisted Zone) This is an important factor for investors to weigh when evaluating the IPO’s valuation.
Despite concerns around higher Securities Transaction Tax (STT) impacting derivatives volumes, unlisted NSE prices have remained resilient, reflecting investor confidence in NSE’s structural dominance and cash-generating ability.
NSE vs BSE — Quick Comparison
| Parameter | NSE | BSE |
| Founded | 1992 | 1875 |
| Market Share (Derivatives) | Dominant (~95%+) | Smaller share |
| Total Shareholders | ~1.9 lakh (unlisted | Publicly listed |
| IPO Type | Pure OFS | Already listed |
| Listing Exchange | BSE | — |
| Expected Valuation | ₹5 lakh crore+ | Significantly lower |
Key Risks to Consider
NSE has specifically highlighted critical concerns regarding regulatory shifts, technological infrastructure, AI integration, and the evolving derivatives landscape. As a regulated entity that also acts as a frontline regulator, NSE operates in a unique position where changes in SEBI policy can directly impact its revenue models and operational freedom.
Investors should also note that a strong company is not automatically a good investment at any price. The final price band and valuation will matter, and retail investors should wait for the final RHP, read the risks, compare valuation, avoid hype, and apply only if the risk-reward looks reasonable.
Frequently Asked Questions (FAQ) — NSE IPO 2026
Q1. When did NSE file its DRHP?
NSE filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 17, 2026, formally kicking off the IPO process after nearly a decade of delays.
Q2. What is the expected NSE IPO size?
The NSE IPO is expected to raise between ₹25,000 crore and ₹30,000 crore through an Offer for Sale of approximately 14.89 crore equity shares, representing about 6% of the company.
Q3. Will NSE receive any money from this IPO?
No. Since the IPO is entirely an OFS, all proceeds will go to the selling shareholders. NSE itself will not receive any fresh capital from the issue.
Q4. Where will NSE shares be listed?
NSE shares will be listed on BSE (Bombay Stock Exchange). A company cannot list its own shares on the exchange it operates.
Q5. When can retail investors apply for NSE IPO?
The DRHP has been filed. Investors must wait for SEBI’s observations, followed by the final Red Herring Prospectus (RHP) with the official price band and subscription dates. Listing is expected in the October–November 2026 window.
Q6. Is LIC selling shares in the NSE IPO?
No. LIC, despite being the single largest NSE shareholder with approximately 10.7% stake, is reportedly not participating in the current OFS round.
Q7. What was the key regulatory clearance that enabled this IPO?
SEBI issued its No Objection Certificate (NOC) to NSE on January 30, 2026, clearing the decade-long regulatory barrier. NSE’s board formally approved the IPO plan on February 6, 2026.
Disclaimer: This blog post is for informational and educational purposes only. It does not constitute investment advice. Always consult a SEBI-registered financial advisor before investing in any IPO.we are not responsible any financial loss.
