India’s largest stock exchange, the National Stock Exchange (NSE), has taken a major step toward its long-awaited initial public offering (IPO) by appointing 20 merchant bankers and eight law firms to manage the listing process. The move marks significant progress toward bringing the exchange to the public market after years of regulatory hurdles. The IPO, expected to involve the sale of around 4–4.5% equity through an offer for sale (OFS), could become one of the biggest listings in India’s capital market history. With regulatory approvals now largely in place, the exchange is expected to begin preparing its IPO documents in the coming months.
Author : Aashiya Jain | EQmint | IPO News
About the National Stock Exchange
The National Stock Exchange of India is the country’s largest stock exchange and one of the most influential financial institutions in India’s capital markets. Established in 1992 and headquartered in Mumbai NSE introduced electronic screen-based trading in India replacing the traditional open-outcry system.
Today the exchange handles a massive share of India’s equity and derivatives trading and is widely recognized as one of the world’s most active derivatives exchanges. Its benchmark index Nifty 50 tracks the performance of leading Indian companies and serves as a key indicator of the country’s stock market health.
With thousands of listed companies and millions of investors participating in its trading platform NSE plays a critical role in shaping India’s financial ecosystem.
A Major Step Toward a Long-Awaited IPO
The NSE IPO has been one of the most anticipated listings in India’s financial history. But the process faced multiple delays over the past decade due to regulatory issues and legal disputes.
In January 2026 India’s market regulator cleared a major hurdle by granting the exchange permission to move forward with its IPO plans. Following this approval NSE began accelerating preparations for the listing.
As part of the latest development the exchange has finalised the appointment of 20 merchant bankers and eight law firms to help manage the public offering. This unusually large group of advisors highlights the complexity and scale of the proposed IPO.
Record Number of Merchant Bankers
The appointment of 20 investment banks is itself historic. It represents the highest number of book-running lead managers ever selected for a public issue in India.
Among the key investment banks selected for the process are:
- Kotak Mahindra Capital
- JM Financial
- Axis Capital
- IIFL Capital Services
- Motilal Oswal Investment Advisors
- ICICI Securities
- SBI Capital Markets
- Nuvama Wealth Management
- HDFC Bank
Global investment banks such as Morgan Stanley, Citigroup, J.P. Morgan, and HSBC are also part of the advisory team.
In addition to these institutions, several other financial advisory firms have been included to support the listing process.
Eight Leading Law Firms on Board
To handle the complex legal and regulatory aspects of the IPO, NSE has also engaged eight major law firms.
These include:
- Cyril Amarchand Mangaldas
- Khaitan & Co
- Latham & Watkins
- Sidley Austin
- AZB & Partners
- S&R Associates
- Shardul Amarchand Mangaldas & Co
- Trilegal
Legal experts will help ensure that the IPO complies with Indian securities regulations and international investment standards.
Alongside the banks and law firms, other professional firms have been appointed as intermediaries, including MUFG Intime India as registrar, as well as consulting and compliance advisors.
Expected Structure of the IPO
So the IPO is basically going to be an Offer for Sale (OFS). That means existing shareholders are selling their shares to the public instead of the company issuing new ones. They’re just offloading a chunk of what they already own.
Market estimates say around 4 to 4.5% of the exchange’s equity could be up for grabs in the IPO. Not exactly a huge slice but still meaningful. They haven’t finalized the exact issue size yet. But analysts are thinking it could raise tens of thousands of crores. That would make it one of India’s biggest IPOs ever.
What Happens Next?
With advisers now appointed, the next step for NSE is preparing the Draft Red Herring Prospectus (DRHP), the detailed document submitted to regulators before a company goes public.
Industry experts say the preparation of the DRHP could take three to four months, as it requires extensive financial disclosures, operational details, and regulatory approvals.
Once the draft documents are filed with the regulator, the review process will begin before the exchange can proceed with the actual public offering.
Why the NSE IPO Matters
The potential listing of NSE carries significant implications for India’s financial markets. First, it would allow public investors to own shares in India’s largest exchange, something that has never been possible before.
Second, the IPO could become a landmark event for India’s capital markets, potentially attracting global investors and strengthening the country’s position as a major financial hub.
Finally, becoming a publicly listed company would also bring greater transparency and governance standards, as NSE would need to comply with strict disclosure requirements.
Looking Ahead
After nearly a decade of delays and regulatory scrutiny, the NSE IPO now appears closer than ever. The appointment of merchant bankers, legal advisers, and other intermediaries signals that the exchange is entering the final stages of preparation.
If the process moves forward smoothly, the long-awaited listing could take place within the next year marking a historic moment for India’s financial markets and opening a new chapter for one of the country’s most influential financial institutions.
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Disclaimer: This article is not an investment advice and is for educational purpose only
