NSE Targets Largest Indian IPO Valued at ₹30,000 Crore in September 2026
The National Stock Exchange (NSE) is targeting September 2026 to launch its initial public offering (IPO) valued at approximately ₹30,000 crore, a major financial development that has drawn significant attention in Delhi. If successful, the massive public issue will become the largest IPO in Indian history, surpassing Hyundai Motor India’s ₹27,870-crore offering from October 2024.
The proposed public issue will be entirely conducted through an Offer for Sale (OFS) of 14.89 crore equity shares, according to draft red herring prospectus papers filed in June. Under this structure, existing shareholders will collectively divest nearly 6% of the exchange's equity. Currently, the NSE has approximately 1.8 lakh shareholders.
The mega IPO is expected to value the country's largest stock exchange at over ₹5 lakh crore. To prepare for the launch, the exchange will soon begin roadshows and has already appointed 20 merchant bankers, alongside legal advisers and other intermediaries, to manage the public issue.
The NSE board approved the proposed IPO on February 6, 2026, after receiving a no-objection certificate from the Securities and Exchange Board of India (Sebi). This comes after an earlier attempt in 2016 to raise ₹10,000 crore was stalled by Sebi due to governance and co-location concerns. Since then, the exchange has implemented multiple compliance measures to secure regulatory approval.
Several major institutional shareholders are set to sell their stakes. State Bank of India will offload up to 2.48 crore shares, while MS Strategic (Mauritius) Ltd will divest 1.60 crore shares. Other participating sellers include the Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Ltd, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, and United India Insurance Company.
Meanwhile, the Life Insurance Corporation of India (LIC), which holds the largest stake in the exchange at 10.72%, has decided not to participate in the share sale.
Financially, the NSE reported a 15% decline in profit after tax to ₹10,302 crore for the 2026 fiscal year, down from ₹12,188 crore in the 2025 fiscal year. Its total income also eased slightly to ₹18,713 crore from ₹19,177 crore the previous year. However, the exchange registered growth in the March quarter, with profit after tax rising 8% to ₹2,871 crore and total income increasing 22% to ₹5,360 crore compared to the same period in the prior fiscal year.
