The wait for the National Stock Exchange of India IPO is almost over. If all goes well, SEBI approval could arrive within the next two weeks. NSE may launch its public issue after September 15.
Valuation and Price Band
CNBC-TV18 reported on August 19, citing sources, that the NSE IPO price band is likely to launch in early September. NSE is being valued between Rs 5.2 lakh crore and Rs 5.3 lakh crore. The IPO price could range between Rs 2,100 and Rs 2,300 per share. NSE has also completed its global road show recently.
Full Offer for Sale Structure
According to the draft paper, the proposed NSE IPO will be entirely based on offer for sale. Existing shareholders will sell a total of 14.89 crore shares in this issue. Collectively, they will offload about six percent of their stake in NSE. State Bank of India is a key seller with 2.48 crore shares. MS Strategic (Mauritius) Limited will sell 1.60 crore shares. SBI holds a 3.23 percent stake in NSE, while its subsidiary SBI Capital Markets holds 4.33 percent. Stock Holding Corporation of India owns a 4.44 percent stake.
Other Major Sellers in the Issue
Canada Pension Plan Investment Board will sell 1.19 crore shares. Aranda Investments (Mauritius) Pvt Ltd will offload 1.12 crore shares. Bank of Baroda will sell 1.10 crore shares, and Stock Holding Corporation of India Limited will sell 1.09 crore shares. LIC, which holds the largest 10.72 percent stake in NSE, will not sell any shares in this IPO.
The Long Road to Listing
NSE first filed IPO documents in 2016 to raise around Rs 10,000 crore. SEBI had blocked approval over concerns related to operations and the co-location matter. In the co-location case, NSE filed a settlement application with SEBI in June 2025. Some brokers were accused of gaining special access to the exchange trading system. After a long legal process, NSE offered to pay Rs 1,388 crore in 2025 to settle the case. This has now cleared the path for its listing.
