NSE files DRHP for record IPO, with issue size pegged near Rs 30,000 crore

The National Stock Exchange of India has filed its draft red herring prospectus with the Securities and Exchange Board of India, formally moving its long-delayed public listing into the regulatory review stage.

That filing is the key development in the latest round of reporting. After years in which an NSE listing remained stalled, the exchange has now taken the next formal step toward an initial public offering.

Multiple reports on Thursday said the issue is being pegged at around Rs 30,000 crore. If the transaction closes at that scale, it would be the largest public issue in India to date.

Deal size and structure

Coverage reviewed for the filing says the IPO is likely to be structured as a pure offer-for-sale. That means existing shareholders would sell shares in the market rather than NSE raising fresh capital through the issue.

One report said the offering could involve up to 148,905,525 equity shares. Other coverage framed the deal size at roughly $2 billion to $3 billion, which is broadly consistent with the Rs 30,000 crore estimate.

The reports do not present a final seller roster as settled. One account named State Bank of India and Tiger Global among major sellers, while another said seven public sector undertakings could be divesting stakes.

Why the filing matters

The filing revives one of the most closely watched transactions in Indian capital markets. NSE is India’s largest stock exchange, and its listing has been anticipated for years.

If the IPO proceeds at the reported scale, it would be a major liquidity event for current shareholders and a landmark capital-markets transaction. The size alone is why the filing is drawing wide attention beyond the exchange itself.

The move is also likely to keep rival BSE in focus. Any NSE listing would sharpen comparisons between the two exchanges and could influence how investors value the market infrastructure business.

Risks flagged in the draft papers

The draft papers reportedly highlight several operating and regulatory risks, including exposure to regulatory, technology, cyber and artificial-intelligence related issues.

They also underscore NSE’s reliance on derivatives trading for a large share of revenue. That matters because it puts the valuation conversation in context: investors will not only be looking at the headline size of the deal, but also at how much of the exchange’s earnings depend on derivatives activity and how durable that business is under changing market rules.

What happens next

SEBI will now review the DRHP and may seek clarifications or changes before the issue can move ahead.

The final issue size, pricing range and seller list are still not fully settled in the coverage reviewed. Those details should become clearer only as the regulatory process advances.

For now, the main point is that NSE’s listing process is active again. After a long delay, the exchange has formally returned to the path toward a public debut, and the market is waiting for the next filing and regulatory update.