NSE Files for IPO: Could the Exchange’s Public Offering Become the Largest in India’s History?
After years of delays due to regulatory challenges, the National Stock Exchange (NSE), India’s largest stock exchange, has officially filed its draft papers for an initial public offering (IPO).
The filing, submitted late Wednesday, proposes an offer for sale (OFS) of up to 14.89 crore shares, representing nearly a 6% stake in the company.
Market estimates suggest the offering could raise Rs 20,000 crore, with some projections indicating it might go as high as Rs 30,000 crore. If priced at the upper end, this could make the NSE IPO the largest in India’s history.
An OFS involves the sale of existing shares by promoters or early investors, rather than issuing new shares. India’s largest IPO to date, Hyundai Motor India’s Rs 27,870 crore offering in 2024, was also a pure OFS issue.
The NSE IPO could surpass this record if its valuation aligns with private market trading levels, where NSE shares are currently priced at approximately Rs 2,035. This valuation implies a potential IPO size of Rs 30,000 crore.
The NSE’s projected valuation of over Rs 5 lakh crore would place it among India’s 10 most valuable listed companies, surpassing Infosys, which has a market capitalization of Rs 4.6 lakh crore.
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