The National Stock Exchange is targeting a mid-September launch for its much-awaited public debut, with a possible listing by September 25, 2026. According to reports from Mint, the exchange is preparing for final investor roadshows next week as it awaits regulatory observation for its 148.9 million share offer-for-sale. The timing coincides with the auspicious festival of Ganesh Chaturthi, which runs for 10 days starting September 14. An NSE spokesperson confirmed that the company has filed a DRHP with SEBI, stating "The company has filed a DRHP with Sebi. We are unable to provide further comment at this stage." The Sebi observation letter, which was expected earlier, is now likely to be issued anytime this month, following an addendum filed by the exchange on August 6, 2026.
Bollywood stars and cricketing legends are betting on the National Stock Exchange's much-awaited public debut, buying its unlisted shares in recent months in the hope of cashing in on a potentially lucrative IPO. According to reports from Mint, Sachin Tendulkar, Sunil Gavaskar, Aamir Khan, Anil Kapoor, Sara Ali Khan and Gauri Khan are among the celebrities who have recently bought NSE's unlisted shares. As one source familiar with the development noted, "Some of the top celebs have invested in NSE shares in the last two-three months with an eye on making bumper returns through the proposed IPO." Notably, those who buy unlisted shares cannot sell them for six months of the listing, adding to the investment commitment.
According to NSE's update to its offer document filed with SEBI, SBI Capital Markets will join parent State Bank of India to jointly offer 24.75 million shares in the issue. In the original draft prospectus filed in June, SBI was listed as the sole selling shareholder. The SBI group's selling allocation now splits between SBI selling 1.59 crore shares and its subsidiary SBI Capital Markets selling 87.8 lakh shares. As reported by Mint, "Because of the addendum, the Sebi observation letter, which was expected earlier, is now likely to be issued anytime this month." The IPO is exclusively an offer for sale (OFS) of 148.9 million shares, representing a 6% stake in NSE, without a fresh issue component.
The country's largest stock exchange maintained its commanding position with a 93.1% market share in the equity cash segment at the end of June, leaving smaller rival BSE accounting for the rest, according to exchange data. In equity options, which is the key revenue generator for both bourses, NSE enjoyed a market share of 69.4% at the end of June, with BSE accounting for the rest. Equity options contributed 76.55% of NSE's transaction revenue of ₹13,057 crore in FY26, which in turn accounted for 79% of the exchange's consolidated operating revenues of ₹16,601 crore. However, some market veterans have sounded caution regarding regulatory tightening, with a Sebi study showing that individual traders suffered losses of ₹1.05 trillion trading derivatives in FY25, forcing the regulator to implement measures from November 2024.
The company is likely to begin its final roadshows for price discovery next week, with global marketing now completed and bankers approaching investors with final pricing and seeking guidance. According to Mint, "Global marketing is now done and the bankers are likely to approach investors with the final pricing and seek guidance." While the roadshows target institutional investors and high-net-worth individuals, outreach for retail investors will begin next month after the company files its Red Herring Prospectus with the Registrar of Companies (RoC). The proposed NSE IPO size is estimated to be around ₹30,000 crore, making it among the largest public issues in the Indian capital markets, with the issue's book-running lead managers including Kotak Mahindra Capital Company, JM Financial, Citigroup Global Markets India, and others.
