India’s largest stock exchange, the National Stock Exchange (NSE), has taken a decisive step toward its long-awaited public listing by appointing 20 merchant bankers and 8 law firms. The IPO, expected to be one of the biggest in India’s capital market history, will be structured as an offer-for-sale by existing shareholders.
IPO Committee Approval
The appointments were finalized by NSE’s IPO committee chaired by Srinivas Injeti. This marks a significant milestone after years of delays due to regulatory hurdles. The exchange board had earlier approved the listing plan in February, setting the stage for draft filings later in 2026.
Merchant Bankers And Legal Advisors
The selected merchant bankers include Morgan Stanley, JP Morgan, Citigroup Global, HSBC Securities, Kotak Mahindra Capital, HDFC Bank, Axis Capital, ICICI Securities, SBI Capital Markets, and Motilal Oswal among others. These firms will oversee valuation, regulatory filings, due diligence, and marketing. Eight law firms have also been appointed to manage compliance and documentation.
Market Outlook
The IPO will be entirely an offer-for-sale, with existing shareholders expected to offload about 4–4.5% equity. NSE’s shares in the unlisted market are currently valued at around ₹1,975 apiece, translating to an estimated valuation of nearly ₹5 lakh crore. Analysts expect the listing to be one of the most significant capital market events of 2026.
Key Highlights
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NSE appoints 20 merchant bankers and 8 law firms for IPO
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IPO committee chaired by Srinivas Injeti approved the appointments
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Merchant bankers include Morgan Stanley, JP Morgan, Kotak Mahindra, HDFC Bank, Axis Capital, ICICI Securities, SBI Capital Markets
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IPO to be structured as an offer-for-sale by existing shareholders
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Estimated valuation of NSE around ₹5 lakh crore in unlisted market
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Draft papers expected to be filed later in 2026
Sources: News18, The Hindu BusinessLine, The Financial Express