The National Stock Exchange (NSE) has appointed 20 merchant bankers and eight law firms to manage its proposed initial public offering, marking a significant step forward in plans to list the bourse after years of delay. The move sets the stage for completing regulatory filings, drafting offer documents and engaging investors ahead of the potential listing.
Large advisory team to handle complex IPO process
The selection of a broad advisory panel reflects the scale and regulatory complexity of taking India’s largest stock exchange public. The merchant bankers will handle key IPO functions including due diligence, regulatory filings, documentation, pricing strategy, marketing and investor outreach, while legal advisers will manage compliance, regulatory approvals and transaction structuring.
Merchant bankers named
NSE has tapped a mix of leading domestic and international institutions as merchant bankers: Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital, Morgan Stanley India, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets (India), IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors and Equirus Capital.
From this roster, NSE is expected to designate a smaller set of lead managers who will steer pricing decisions, investor engagement and overall IPO execution.
Legal counsel appointed
Eight law firms have been engaged to advise on legal and regulatory matters: Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins, Sidley Austin, AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas and Trilegal. Their role will include reviewing statutory compliance, drafting transaction documents and managing regulatory liaison with market regulators and other authorities.
Background and likely next steps
NSE’s listing intentions date back to 2016 but were delayed amid regulatory concerns and market scrutiny. The process regained momentum after the exchange received regulatory clearance to proceed, prompting the recent appointments.
With advisers now on board, the exchange is expected to prepare and file draft IPO documents, finalise the issue structure and engage in investor roadshows. Market participants say the listing could be among the largest and most closely watched domestic offerings, likely to attract interest from both institutional and retail investors.
