NSE Kickstarts Long-Awaited IPO Process, Invites Banks to Pitch

The National Stock Exchange of India Ltd. (NSE) has taken a key step toward its long-delayed initial public offering (IPO), inviting investment banks to pitch for roles in the proposed share sale, people familiar with the matter said. This move signals renewed momentum for what could be one of India’s biggest listings.

NSE has issued a request for proposals to select lead advisers and intermediaries to steer the IPO, with the advisory mandate expected to be finalised by mid-March, according to sources. Rothschild & Co. has been appointed as an independent adviser to oversee the process.

The exchange plans to sell existing equity through a pure offer-for-sale (OFS) mechanism, with current shareholders expected to divest around 4% to 4.5% of the company’s equity. Based on unlisted market prices, the IPO could raise roughly $2.5 billion (nearly ₹23,000 crore).

Major stakeholders, including Temasek Holdings and Life Insurance Corporation of India (LIC), are likely to be key sellers alongside State Bank of India and SBI Capital Markets, according to earlier reports. All of the exchange’s roughly 190,000 shareholders may be given the option to participate in the secondary sale.

The development revives NSE’s listing plans that have been stalled for years due to regulatory and governance challenges. The move to involve banks formally marks a significant advance toward filing the IPO’s draft prospectus, although final regulatory approvals and formal filings are still awaited.ne