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

NSE IPO 2026 is moving closer to its much-awaited public listing after the National Stock Exchange of India filed its Draft Red Herring Prospectus (DRHP) with SEBI in June 2026. The exchange has since filed an addendum to the DRHP dated August 10, 2026, while also making progress on its long-pending regulatory matters.

The proposed NSE IPO is an Offer for Sale (OFS) of up to 14.89 crore equity shares, representing nearly 6% of the company's paid-up equity capital. There is no fresh issue, so NSE itself will not receive IPO proceeds. The issue could become India's largest IPO, depending on the final price and issue size.

Recent reports indicate that NSE is targeting a valuation of up to around ₹5.26 lakh crore ($55 billion) and has been marketing its shares to investors at around ₹2,000–₹2,100 per share. The IPO is currently expected in the second half of September 2026, subject to regulatory approval, final pricing and market conditions. Also recently we have explained about the NSE ipo in our video.

NSE IPO Latest Update: NSE has received a SEBI No-Objection Certificate and has completed the ₹1,491.21 crore settlement related to the long-pending co-location and dark-fibre matters. The exchange is now moving towards the final stages of its IPO process.

NSE IPO 2026 – Latest Highlights

The key NSE IPO updates as of August 20, 2026 are:

The issue size above is an indicative calculation based on the reported ₹2,000–₹2,100 marketed range, not the final IPO price band. The final issue size will be known only after NSE announces the price band.

NSE IPO Latest News: What Has Changed?

NSE's IPO process has progressed significantly since the original DRHP filing.

1. NSE Filed Its DRHP With SEBI

NSE filed its Draft Red Herring Prospectus with SEBI on June 17, 2026 for an OFS of up to 14,89,05,525 equity shares.

The proposed offer represents nearly 6% of NSE's equity capital. Since the IPO is completely an OFS, NSE will not issue new shares and will not receive proceeds from the offer.

SEBI's public-issues records also list the NSE DRHP dated June 18, 2026. NSE's own investor-relations website identifies the DRHP as dated June 17, 2026.

2. NSE Filed an Addendum on August 10

One of the most important recent developments came on August 10, 2026, when NSE filed an addendum to its DRHP.

The overall IPO size remains unchanged at 14.89 crore shares. However, the selling arrangement within the SBI group has changed.

• SBI originally planned to sell up to 2.475 crore NSE shares. Under the revised structure:
• SBI will sell approximately 1.59 crore shares
• SBI Capital Markets will sell approximately 87.81 lakh shares
• Combined SBI group selling remains approximately 2.475 crore shares

Total NSE IPO offer remains 14.89 crore shares

Therefore, the addition of SBI Capital Markets has not increased the overall IPO size. It has changed the allocation of the shares being sold by the SBI group.

SBI Capital Markets holds approximately 4.33% of NSE, making it a larger shareholder than State Bank of India, which holds around 3.23%.

The revised filing also triggered a fresh 21-day public comment period, contributing to the delay in the IPO approval timeline.

NSE IPO SEBI Approval Status

NSE has already received a No-Objection Certificate (NOC) from SEBI, according to NSE Managing Director and CEO Ashishkumar Chauhan.

However, investors should distinguish between the NOC and the final IPO process. The final price band, bidding dates and other offer details have not yet been formally announced.

The latest regulatory development is therefore best described as NSE's IPO process being substantially advanced, with the final issue schedule still pending.

NSE Settles ₹1,491 Crore Regulatory Cases

Another major hurdle was removed in July 2026.
SEBI agreed in principle to the revised settlement terms relating to NSE's long-running co-location and dark-fibre matters.

The settlement amount was fixed at ₹1,491.21 crore. NSE had already deposited ₹776.47 crore and subsequently paid another ₹714.74 crore, completing the total settlement amount.

This development is important for the IPO because the regulatory cases had been one of the major reasons behind delays in NSE's public-listing plans.

NSE's July 2026 announcement also disclosed the settlement-related payment to SEBI.

NSE IPO Structure

The NSE IPO is structured entirely as an Offer for Sale (OFS).

This means:

No fresh shares will be issued by NSE.

Up to 14.89 crore existing shares will be sold.

NSE will not receive the IPO proceeds.

The money raised will go to the selling shareholders.

NSE's total share capital will not increase because of the IPO.

The proposed offer represents nearly 6% of NSE's equity capital.

Who Are the Selling Shareholders in NSE IPO?

The original DRHP included several institutional shareholders in the OFS.

The major selling shareholders include:

*The SBI group's 2.475 crore shares are now split between SBI and SBI Capital Markets under the August 10 addendum.

Which Major NSE Shareholders Are Not Selling?

Some of NSE's major shareholders are not participating in the proposed OFS.

These include:

• Life Insurance Corporation of India (LIC)
• Premji Invest
• Radhakishan Damani

LIC remains one of NSE's largest shareholders, with around 10.72% stake according to the DRHP-related shareholding data.

NSE IPO Valuation

NSE's expected valuation has increased from the broad estimates available when the DRHP was first filed.

Recent reports indicate that NSE is targeting a valuation of up to approximately ₹5.26 lakh crore, equivalent to around $55 billion.

Bloomberg-reported information indicates that NSE has been marketing its shares to institutional investors at around ₹2,000–₹2,100 per share. At the upper end of this reported range, NSE could achieve a valuation of around ₹5.26 lakh crore.

However, these figures should not be treated as the final IPO price or confirmed valuation. The official price band will be announced closer to the IPO.

NSE IPO Issue Size

The original market estimates placed the NSE IPO around ₹30,000 crore.

The latest reported marketed price range of ₹2,000–₹2,100 per share, applied to up to 14.89 crore shares, implies an indicative offer value of approximately ₹29,781 crore to ₹31,270 crore.

Therefore, the NSE IPO could potentially raise around ₹30,000 crore or more, depending on the final issue price.
If the final issue crosses ₹30,000 crore, NSE would be positioned to surpass the ₹27,870 crore Hyundai Motor India IPO, making it India's largest IPO by issue size.

NSE IPO Price

The official NSE IPO price band has not yet been announced.

However, recent investor roadshows reportedly indicate a marketed range of approximately:

₹2,000–₹2,100 per share

This is not the final IPO price band. The actual floor price and cap price will be announced through the formal IPO documents.
Investors should therefore avoid treating the ₹2,000–₹2,100 range as confirmed until NSE formally announces its price band.

NSE IPO GMP

The official NSE IPO GMP has not been announced because the IPO has not yet opened for public subscription and the final price band is still pending.

NSE shares currently trade in the unlisted market through off-market transactions. These prices should not be confused with IPO GMP.

As of August 20, 2026, some unlisted-market platforms were showing NSE shares around ₹1,965–₹1,970 per share. These are indicative OTC/unlisted-market references and can differ across transactions, platforms and lot sizes. They are not official exchange prices or NSE-issued GMP figures.

NSE Unlisted Share Price vs Expected IPO Price

The difference between the NSE unlisted market price and the expected IPO price will be closely watched by investors.

The unlisted price is only an indicative reference and can fluctuate based on demand, supply, transaction size and expectations surrounding the IPO.

NSE IPO Expected Date

The NSE IPO does not yet have an officially announced opening date.

Recent reports indicate that the exchange is targeting the second half of September 2026 for the IPO, subject to the completion of regulatory processes and finalisation of the offer documents.

The final IPO schedule will be announced only after the required approvals and documentation are completed.

Expected NSE IPO Timeline

Note: September dates are market expectations and should not be considered confirmed IPO dates.

Where Will NSE Shares Be Listed?

NSE's proposed IPO is expected to have BSE Limited as the listing venue.

Traditionally, an exchange cannot simply list its own shares on its own platform under the existing regulatory framework. However, a new development reported on August 20 suggests NSE may explore allowing its shares to trade on its own platform under the "permitted to trade" framework after a BSE listing.

This proposal is reportedly still under discussion and would require SEBI approval. Therefore, BSE should currently be treated as the proposed formal listing venue, while any future NSE trading arrangement remains subject to regulatory approval.

NSE IPO Financial Performance

NSE continues to report strong profitability despite moderation in FY26.

NSE's FY26 PAT was approximately ₹10,302 crore, while total income stood at about ₹18,713 crore. Although both income and profit declined year-on-year, the exchange continued to maintain a high-margin and highly profitable business model.

NSE's official offer-document page also provides audited standalone financial statements for FY2025-26 along with its DRHP and other IPO documents.

Why Is NSE IPO Important for Investors?

The NSE IPO is attracting significant investor attention for several reasons.

Market Leadership

NSE is India's largest stock exchange by several key trading metrics and operates one of the world's largest derivatives markets by trading volume.

Strong Profitability

The exchange has generated thousands of crores in annual profits with a high-margin business model.

Limited Competition

NSE has a dominant position in India's equity and derivatives markets, creating strong network effects and scale advantages.

Large IPO Size

With a potential issue size of around ₹30,000 crore or more, NSE could become India's largest IPO.

Institutional Interest

NSE has conducted a large international investor roadshow, with meetings across major financial centres and participation from global institutional investors. Recent reports said around 120 global investors had attended meetings during the roadshow.

NSE IPO: Key Things Investors Should Watch

Before investing in the NSE IPO, investors should monitor the following:

1. Final SEBI observations and regulatory approvals
2. Final IPO price band
3. Final valuation
4. Final list of selling shareholders
5. IPO subscription dates
6. Demand from qualified institutional buyers
7. NSE's future earnings and derivatives volumes
8. Regulatory changes affecting exchanges
9. The valuation premium over BSE
10. NSE's position in the unlisted market before listing

The final valuation will be particularly important because a strong business does not automatically mean an IPO is attractively priced.

NSE IPO vs BSE: Why the Listing Matters

NSE and BSE are India's two major stock exchanges, but NSE currently has a much larger presence in several segments of the market.

Based on FY26 data, NSE reported approximately ₹10,302 crore in net profit, compared with around ₹2,487 crore for BSE. NSE also generated substantially higher revenue from transaction charges.

NSE's public listing would therefore give investors a direct opportunity to own shares in India's dominant exchange operator rather than gaining exposure through indirect holdings.

What Happens to NSE Unlisted Shares After the IPO?

Once NSE's shares are publicly listed, the existing unlisted market for NSE shares is expected to transition toward the listed-market price.
Investors holding NSE unlisted shares should closely monitor:

• The final IPO price
• IPO allotment and listing date
• Lock-in and eligibility conditions
• Corporate actions
• Dematerialisation and transfer requirements
• The final listing valuation
• Post-listing liquidity

The unlisted price may move significantly before listing because expectations about the IPO price and valuation are already influencing demand.

NSE IPO: Should You Buy Unlisted Shares Before IPO?

The possibility of NSE's IPO has increased interest in its unlisted shares. However, investors should not assume that buying an unlisted share below the expected IPO price automatically guarantees a profit.

The final IPO valuation, market conditions, listing performance, taxation, transaction costs and liquidity can all affect returns.

Investors should compare the unlisted purchase price with the final IPO valuation and implied P/E multiple, rather than simply comparing it with the expected listing price.

NSE IPO 2026: Latest Summary

The NSE IPO has moved significantly closer to the public markets in 2026.

NSE filed its DRHP on June 17, 2026, proposing an OFS of up to 14.89 crore shares, representing nearly 6% of its equity capital. An August 10 addendum changed the composition of the SBI group's selling shares but did not increase the overall issue size.

The exchange has also completed its ₹1,491.21 crore settlement with SEBI related to the long-running co-location and dark-fibre matters, removing an important regulatory hurdle ahead of the IPO.

Recent reports suggest NSE is targeting a second-half September 2026 IPO, with shares reportedly being marketed to investors at around ₹2,000–₹2,100 per share and a potential valuation of up to approximately ₹5.26 lakh crore. However, the final price band, subscription dates and listing date are yet to be formally announced.

With a potential issue size of around ₹30,000 crore or more, NSE could become India's largest IPO, surpassing Hyundai Motor India's ₹27,870 crore issue.

For investors tracking NSE unlisted shares, the next major milestones to watch are the final SEBI process, price-band announcement, IPO dates and final valuation.

Frequently Asked Questions

When is the NSE IPO coming?

The NSE IPO is currently expected in the second half of September 2026, according to recent reports. However, the company has not yet officially announced the IPO opening date.

What is the NSE IPO date?

The official NSE IPO date has not yet been announced. Current market expectations point toward September 2026, subject to regulatory approvals and finalisation of the offer documents.

What is the NSE IPO price?

The official price band has not been announced. NSE has reportedly been marketing its shares to investors around ₹2,000–₹2,100 per share, but this should not be treated as the final IPO price band.

What is the NSE IPO issue size?

The NSE IPO will comprise up to 14.89 crore equity shares in an OFS. Based on the reported ₹2,000–₹2,100 marketed range, the indicative offer value could be around ₹29,781 crore to ₹31,270 crore. The final issue size will depend on the official IPO price.

Is NSE IPO a fresh issue or OFS?

The NSE IPO is a 100% Offer for Sale (OFS). No fresh shares will be issued and NSE will not receive the IPO proceeds.

What is NSE IPO GMP?

There is currently no official NSE IPO GMP because the IPO has not opened and the final price band has not been announced. Prices in the unlisted market should not be confused with IPO GMP.

What is the current NSE unlisted share price?

Indicative unlisted-market sources were showing NSE shares around ₹1,965–₹1,970 per share on August 20, 2026. Unlisted prices can vary by platform, transaction size and market conditions and are not official exchange quotes.

What is NSE's expected valuation after IPO?

Recent reports indicate that NSE is targeting a valuation of up to approximately ₹5.26 lakh crore ($55 billion). The final valuation will depend on the eventual IPO price.

Has SEBI approved the NSE IPO?

NSE has received a SEBI No-Objection Certificate, according to NSE's CEO. The final IPO process, including pricing and issue dates, is still being completed.

When did NSE file its DRHP?

NSE filed its Draft Red Herring Prospectus with SEBI on June 17, 2026.

What changed in the NSE IPO in August 2026?

NSE filed an addendum on August 10, 2026. SBI Capital Markets was added as a selling shareholder after receiving approximately 87.81 lakh NSE shares from SBI. The total SBI group sale and overall NSE IPO size remained unchanged.

Who is the largest shareholder of NSE?

LIC is one of NSE's largest shareholders, with approximately 10.72% stake according to shareholding information associated with the DRHP.

Where will NSE shares be listed?

NSE's proposed formal listing venue is BSE Limited. A reported proposal for NSE shares to also trade on NSE under the permitted-to-trade framework is still subject to SEBI approval.

Will NSE IPO be India's biggest IPO?

It could be. If the final issue size exceeds Hyundai Motor India's approximately ₹27,870 crore IPO, NSE would become India's largest IPO by issue size. Recent reports indicate a potential NSE issue of around ₹30,000 crore or more.

What is NSE's FY26 profit?

NSE reported approximately ₹10,302 crore profit after tax in FY2025-26, compared with ₹12,188 crore in FY2024-25.

What is the latest NSE IPO update?

The latest major developments are the August 10 DRHP addendum, the inclusion of SBI Capital Markets as a selling shareholder, completion of the ₹1,491.21 crore SEBI settlement and reports of a potential September 2026 IPO. The final price band and IPO dates are still awaited.

Sources

• NSE India – Official Offer Documents
• SEBI – Public Issues / NSE DRHP Filing
• NSE – Investor Relations Announcements
• Reuters – NSE regulatory settlement and IPO developments
• NDTV Profit – August 10 NSE DRHP Addendum and SBI Capital Markets update

Disclaimer: This article is for informational purposes only and does not constitute investment advice. NSE's IPO price, valuation, subscription dates, listing date and other details may change before the final offer documents are issued. Unlisted share prices are indicative and may vary based on market conditions, liquidity and transaction size. Investors should conduct their own research and consult a SEBI-registered investment professional before making 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.