SEBI green lights NSE’s DHRP, sets stage for long-awaited ₹5.26 lakh crore IPO

SEBI green lights NSE’s DHRP, sets stage for long-awaited ₹5.26 lakh crore IPO

Mumbai, August 19: Securities markets regulator Securities and Exchange Board of India (SEBI) has officially granted approval for the  National Stock Exchange of India (NSE)’s Draft Red Herring Prospectus (DRHP), paving the way for its IPO, a development that investors have waited for a decade.

Projected as the largest IPO in Indian capital market history, the IPO is worth ₹5.26 lakh crore, or more than $3.3 billion, dwarfing Hyundai Motor India’s ₹27,000 crore IPO in October 2024.

Speaking at the 23rd FICCI Capital Markets Conference on Wednesday, NSE Managing Director and CEO Ashish Kumar Chauhan publicly expressed gratitude to SEBI chairman Tuhin Kanta Padey for approving the IPO, and resolving complex regulatory hurdles that had stalled the exchange’s listing plans for years. 

As mandated by SEBI, the NSE will be listed on its rival platform, the Bombay Stock Exchange (BSE). This IPO is a pure Offer for Sale (OFS) with existing investors selling 14.89 crore equity shares (or about 6% of the NSE’s total paid-up capital), allowing global investors and early backers an exit from their investment.

Key Financials & Issue Overview
ParameterKey Details / Projections
Expected ValuationUp to ₹5.26 lakh crore (~$55 Billion)
Estimated Issue SizeExceeding ₹30,000 crore
Issue Type100% Offer for Sale (OFS)
Listing PlatformBSE Limited
Lead Book RunnersConsortium of 20 banks (including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC, and Citigroup)
Market PositionWorld’s largest derivatives exchange by trading volume

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.

Abizar Attari
Assistant Editor

I’ve always had a fascination with storytelling. Analyzing diverse perspectives and helping people understanding them simply is my life’s motto. I live to create stories that you’d love to read. When I’m not writing, you'll find me having a leisurely stroll on the beach or in the park.

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