NSE IPO 2026: SEBI Gives Green Signal to ₹30,000 Crore Mega IPO; 14.89 Crore Shares Up for Sale

The National Stock Exchange of India (NSE) has received the much-awaited regulatory approval from the Securities and Exchange Board of India (SEBI), clearing a major hurdle for its proposed initial public offering. The IPO, estimated at around ₹30,000 crore, could become India’s largest IPO if launched at the expected size.

SEBI issued its observations for the NSE IPO on September 4, 2026, paving the way for the exchange to move ahead with the next stages of its public listing. The proposed issue is structured entirely as an Offer for Sale (OFS) by existing shareholders.

NSE IPO: 14.89 Crore Shares to Be Offered

According to NSE’s draft IPO documents, the proposed public issue involves the sale of approximately 14.89 crore equity shares, representing nearly 6% of NSE’s equity capital. Since the issue is entirely an OFS, NSE itself will not receive the IPO proceeds; the money raised will go to the existing shareholders selling their shares.

The estimated issue size of around ₹30,000 crore would make the NSE IPO one of the biggest public issues in India's capital markets.

Will NSE Become India’s Largest IPO?

If the issue size remains around ₹30,000 crore, NSE could overtake Hyundai Motor India’s ₹27,870-crore IPO, which currently holds the record among completed Indian IPOs. The exchange could also move ahead of LIC’s ₹20,557-crore issue launched in 2022.

However, the record may not remain with NSE for long. Jio Platforms has separately proposed a much larger IPO, estimated at around ₹37,700 crore, although its final launch timeline has not yet been confirmed.

Therefore, NSE can currently be described as a potential record-breaking IPO, rather than definitively the largest IPO in India's history.

Which Shareholders Are Selling in the NSE IPO?

The IPO will be an OFS involving existing NSE shareholders.

Among the prominent sellers:

State Bank of India (SBI): Around 2.48 crore shares

MS Strategic (Mauritius) Limited: Around 1.60 crore shares

Other eligible existing shareholders will also participate in the OFS.

Interestingly, Life Insurance Corporation of India (LIC), which holds a significant stake in NSE, is not among the shareholders selling shares in the proposed issue.

NSE IPO Date: When Could the Issue Launch?

The exact IPO opening date has not yet been officially announced.

However, market sources cited in recent reports indicate that NSE could target a September 2026 launch, with the listing potentially taking place later in the month. Reuters reported that the exchange was looking at the week beginning September 21 for the IPO, while the price band could be announced around September 15.

Investors should therefore treat reports about a specific opening date, listing date and price band as indicative until NSE makes an official announcement.

What Could Be the NSE IPO Price?

Market sources have indicated that NSE shares could be priced around ₹1,800 per share, based on current expectations and the proposed valuation. Reuters reported an expected valuation of roughly $47 billion for the IPO, although the final price will depend on the company's eventual price band and book-building process.

The final IPO price band will be crucial because it will determine NSE's market capitalisation at listing.

NSE IPO: Why Was the Listing Delayed for Nearly a Decade?

NSE's proposed listing has been delayed since 2016 because of regulatory and legal issues, particularly the co-location and dark-fibre matters.

The controversies involved allegations that certain brokers received preferential or faster access to NSE's trading infrastructure. The long-running disputes became a significant regulatory overhang for the exchange and its IPO plans.

A major development came after NSE settled the long-pending matters with SEBI. The exchange completed a ₹1,491.21-crore settlement, including a final payment of ₹714.74 crore in July 2026.

The Supreme Court's recent dismissal of SEBI's appeals further removed a major legal hurdle ahead of the proposed listing.

How Is NSE Performing Financially?

NSE remains one of India's most important financial-market institutions and operates the benchmark Nifty 50 index. It is also the world's most active derivatives exchange by contracts traded, according to recent reporting.

The exchange's financial performance and its dominant position in India's derivatives market will be closely watched by investors ahead of the IPO.

The proposed listing will also give public-market investors an opportunity to participate directly in the country's largest stock exchange.