NSE files DRHP for mega $2 billion IPO, SBI among 10 investors to sell stake

The National Stock Exchange of India (NSE) has formally launched its highly anticipated initial public offering (IPO), filing draft papers with market regulator SEBI on June 17, 2026. This mega listing, estimated at around $3 billion (₹30,000-₹32,000 crore), is poised to become the largest IPO in Indian history, with State Bank of India (SBI) leading a consortium of ten existing investors offloading a portion of their stakes. The move marks a critical turning point for India's premier bourse, which has navigated nearly a decade of regulatory hurdles to finally reach this pivotal moment. This long-awaited public debut, delayed since a 2016 attempt, gained momentum after SEBI issued a formal no-objection certificate in January 2026, following a substantial ₹1,300-₹1,400 crore settlement related to the infamous co-location controversy. The IPO is structured entirely as an Offer for Sale (OFS) of up to 14.89 crore equity shares, meaning the NSE itself will not raise fresh capital, with all proceeds accruing to the selling shareholders. While NSE maintains its dominance as India's largest stock exchange and a leading global derivatives market, its financial performance in FY26 saw a 15.5% decline in profitability to ₹10,302 crore amidst reduced trading activity. With the DRHP now submitted, the focus shifts to SEBI rigorous review process, which typically spans several months. Following regulatory observations and the eventual filing of the Red Herring Prospectus, the price band for the issue will be announced, and the IPO will open for subscription, with a potential listing targeted before December 2026. This landmark offering is expected to attract significant investor interest, fundamentally reshaping the ownership landscape of a critical piece of India's financial infrastructure and setting a new benchmark for primary market activity.