NSE IPO 2026: DRHP Filed with SEBI, Issue Size, Valuation and Key Details

India’s largest stock exchange, the National Stock Exchange (NSE), has finally moved ahead to execute its much-awaited IPO. According to recent reports, NSE officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on 18th June 2026 for ₹21,000 to ₹30,000 crore with a valuation potentially exceeding ₹5 trillion.

For years, the NSE’s IPO has been one of the most awaited events in India’s capital markets. Nearly a decade ago, in 2016, NSE filed its DRHP to launch an IPO, but the plan did not succeed due to the colocation and dark fibre controversies. Now, NSE has proposed to settle more than ₹1,800 crore in these legacy regulatory cases through a consent mechanism and take the next step towards its potential listing.

NSE IPO - Recent Highlights

After years of regulatory hurdles, the exchange has formally submitted its DRHP to SEBI on 18th June 2026. According to the reports, the IPO comprises the sale of approximately 14.89 crore equity shares, representing nearly 6% of the company's equity base. This development marks one of the biggest milestones for India's capital markets and brings the country's largest stock exchange closer to becoming a publicly listed company.

Key Highlights of NSE IPO Latest Update 2026

The key highlights regarding the NSE IPO latest updates are as follows: 

Why Did NSE File DRHP in Mid-June 2026?

NSE's decision to file its DRHP on 18th June 2026 was a strategic one. Filing within this timeframe allowed the exchange to include its latest financial performance for the quarter ended March 2026, giving investors and regulators access to the most recent financial disclosures in the prospectus.

After the DRHP submission, SEBI typically takes a few months to review the document and issue its observations or approval comments. This keeps NSE on track for a potential listing in late 2026.

NSE IPO Structure

NSE is going for a complete Offer for Sale IPO structure. This means:

• No new shares will be issued.
• Some existing shareholders will sell their stake.
• Funds received through the IPO will go only to the existing investors selling their shares. 
• Nearly 6% stake will be offered through the IPO.

Other key details about the NSE IPO, like the opening date, listing date, Issue Price, Lot size, etc., are yet to be announced as the company has only submitted its DRHP to SEBI. These details will be announced after SEBI completes its review and the company moves ahead with the next stage of the IPO process.

Who are the Selling Shareholders?

Since this is a pure Offer For Sale, all proceeds will go to the existing selling shareholders. NSE itself will not receive any funds from the issue. A total of approximately 14.89 crore equity shares will be sold through the OFS.

The key details regarding the OFS by existing shareholders are:

• State Bank of India (SBI), the largest selling shareholder, is offloading up to 2.47 crore shares.
• Canada Pension Plan Investment Board (CPPIB) is selling up to 1.87 crore shares.
• MS Strategic (Mauritius) Limited with OFS of 1.6 crore shares
• Aranda Investments (Mauritius) is selling 1.12 crore shares,
• Bank of Baroda is selling 1.09 crore shares. 
• Stock Holding Corporation of India (1.08 crore shares)
• General Insurance Corporation of India (1.06 crore shares)
• The New India Assurance Company (1.05 crore shares)
• National Insurance Company (60 lakh shares).

Notably, Life Insurance Corporation, which is the NSE's largest shareholder with a 10.72% stake, is not participating in the OFS, along with Premji Invest that has 2.35% stake and investor Radhakishan Damani having 1.58%. They are all expected to retain their holdings post-listing.

Further Reading: National Stock Exchange (NSE) Company Analysis: Financials, Shareholding, Business Model & IPO Update 2026

NSE Expected Valuation

Investors tracking the NSE pre IPO market might know that NSE shares have commanded good value in the unlisted grey markets for years, given limited supply and strong demand from investors wating early exposure to India's dominant exchange.

Based on prevailing unlisted market prices around the time of the DRHP filing, NSE could be approximately valued at over ₹5 lakh crore (₹5 trillion), translating to roughly $60 billion or more. This is an estimate, not a confirmed valuation. 

NSE IPO Listing: Why Only on BSE, Not on NSE Itself?

Do you know? Post-IPO, the NSE shares will list only on the Bombay Stock Exchange and not on NSE itself. This is due to a simple regulatory norm that, under existing Indian market regulations, a stock exchange cannot list its own shares on its own trading platform. It's a structural rule that applies to any exchange going public in India. As a result, NSE shares are proposed to list exclusively on BSE Limited, subject to final regulatory approvals.

NSE Financial Performance

NSE continued to maintain a strong financial position in FY 2025-26. Key financial metrics are as follows: 

• Total Income stood at ₹18,713.37 crore in FY 2025-26, compared to ₹19,176.83 crore in FY 2024-25.
• Profit Before Tax (PBT) was ₹13,895.58 crore in FY 2025-26, against ₹15,474.78 crore in the previous year.
• Profit After Tax (PAT) came in at ₹10,302.06 crore for FY 2025-26, compared with ₹12,187.69 crore in FY 2024-25.
• Earnings Per Share (EPS) declined to ₹41.62 in FY 2025-26 from ₹49.24 in FY 2024-25.

Despite the year-on-year moderation in some financial metrics, NSE remains one of India's most profitable financial market institutions and continues to be the world's largest derivatives exchange by trading volume.

What Should Investors Know?

Until the IPO opens for public subscription and other key details like opening date, closing date, NSE IPO listing date, issue price and lot size are announced, NSE unlisted shares continue to trade actively in the unlisted market. Recent transactions have valued NSE at between ₹4.5 trillion and ₹5 trillion, closely aligned with the official IPO valuation target.

Summary

NSE's DRHP filing with SEBI on 18th June 2026 is a defining moment in India's capital market history. After nearly a decade of delays due to regulatory issues, India's largest stock exchange has finally taken the first formal step toward its public listing.

With a pure OFS structure, an estimated issue size of ₹21,000 to ₹30,000 crore, and a valuation potentially exceeding ₹5 trillion, this could become the largest IPO in India's history. With strong market leadership, a rapidly growing investor base, and improving regulatory clarity, NSE's IPO is one of the most closely watched events in India's capital markets today.

Sources

The following sources are used to support the blog content:

• Grow - NSE Files DRHP With SEBI for Long-Awaited IPO; Valuation Could Exceed ₹5 Trillion
• Live Mint - NSE files for ₹30,000-crore IPO, potentially India’s biggest ever
• Entrackr - NSE files DRHP for long-awaited IPO, issue structured entirely as OFS
• Outlook Money - NSE IPO: Exchange Files DRHP For Public Issue, Key Things Investors Must Know
•  

Frequently Asked Questions

When is the NSE IPO coming?

NSE filed its DRHP with SEBI on 18th June 2026. The IPO date will be announced after SEBI completes its review and issues its observations. A listing in late 2026 is currently anticipated.

What is the NSE IPO date?

The NSE IPO date has not been announced yet. It will be confirmed after SEBI's review, price band announcement, and IPO subscription period.

What is the NSE IPO price?

The price band for the NSE IPO has not been announced yet. It will be disclosed in the final Red Herring Prospectus (RHP) after SEBI's approval.

What is NSE IPO GMP?

NSE shares are currently trading in the unlisted market at valuations between ₹4.5 trillion and ₹5 trillion. The official GMP will be relevant once the price band is announced closer to the IPO opening date.

What is the NSE IPO SEBI approval status?

SEBI issued a No Objection Certificate (NOC) to NSE in January 2026. The DRHP filed on 18th June 2026 is currently under SEBI's review.

What is the NSE IPO subscription status?

The NSE IPO has not opened for subscription yet. Dates will be announced after SEBI issues its observations on the DRHP.

What is the NSE IPO listing date?

The NSE IPO listing date has not been confirmed yet. A late 2026 listing is currently anticipated, subject to regulatory approvals.

What is NSE IPO details?

NSE IPO is structured as a pure OFS of approximately 14.89 crore equity shares with an estimated issue size of ₹21,000 to ₹30,000 crore. NSE's valuation is expected to exceed ₹5 trillion, and shares will be listed on the BSE.

What is the NSE IPO's latest news?

NSE officially filed its DRHP with SEBI on 18th June 2026, marking the first formal step toward its public listing after nearly a decade of delays.

Is NSE IPO a fresh issue or OFS?

NSE IPO is entirely an Offer For Sale (OFS), meaning existing shareholders will sell shares and the company itself will not raise fresh capital.

Who is the largest shareholder of NSE?

Life Insurance Corporation (LIC) is currently the largest shareholder with around 10.72% stake.

Where will NSE shares be listed?

NSE shares are expected to be listed on the BSE after regulatory approvals.

Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Information has been compiled from publicly available sources. Investing in IPOs and unlisted shares involves risk. Always consult a professional before making any investment decisions.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.