The National Stock Exchange aims to launch its long-planned initial public offering worth about ₹30,000 crore in September, according to sources close to the matter. The offering could value India’s biggest exchange at more than ₹5 lakh crore. Roadshows are set to begin shortly. If completed, the issue would exceed the ₹27,870 crore public offering by Hyundai Motor India from October 2024. The proposed sale consists entirely of an offer for sale involving 14.89 crore shares, representing nearly 6 percent of equity held by current owners, as detailed in the draft prospectus submitted in June. The exchange counts roughly 1.8 lakh shareholders. Key sellers include State Bank of India, which plans to divest up to 2.48 crore shares, and MS Strategic (Mauritius) Ltd with 1.60 crore shares. Additional participants comprise 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. Life Insurance Corporation of India, holding the largest stake at 10.72 percent, will not sell any shares. The board approved the IPO on February 6 after receiving clearance from the Securities and Exchange Board of India. Draft documents were first submitted in 2016 for an offering of around ₹10,000 crore, but the regulator withheld approval at the time over governance and co-location concerns. The exchange has since introduced multiple governance and compliance steps and submitted further requests to the regulator. Twenty merchant banks along with legal and other advisers have been engaged to handle the issue. In financial results, profit after tax fell 15 percent to ₹10,302 crore in FY26 from ₹12,188 crore the prior year, while total income declined to ₹18,713 crore from ₹19,177 crore. In the March quarter, however, profit after tax rose 8 percent to ₹2,871 crore and total income increased 22 percent to ₹5,360 crore. Shortly after the NSE filing, Jio Platforms submitted its draft papers in June and is expected to become the largest Indian public issue on record.
