National Stock Exchange of India moves forward with plans for its highly anticipated public listing.
NSE Advances Long-Awaited IPO
The National Stock Exchange of India (NSE) has taken a major step toward its long-awaited public listing by appointing merchant bankers, legal advisors, and other intermediaries for its proposed initial public offering.
The appointments were finalized through a structured and competitive selection process overseen by NSE’s IPO Committee, following evaluation guidelines approved by the exchange.
The move signals renewed momentum toward what could become one of the most significant listings in India’s capital markets.
One of the Largest IPO Syndicates on Dalal Street
NSE has appointed 20 merchant bankers as book-running lead managers for the offering, creating one of the largest IPO syndicates ever assembled on Dalal Street.
The investment banks selected for the transaction include:
- Kotak Mahindra Capital Company Limited
- JM Financial Limited
- Axis Capital Limited
- IIFL Capital Services Limited
- Motilal Oswal Investment Advisors Limited
- ICICI Securities Limited
- SBI Capital Markets Limited
- Nuvama Wealth Management Limited
- HDFC Bank Limited
- Avendus Capital Private Limited
- Morgan Stanley India Company Private Limited
- Citigroup Global Markets India Private Limited
- J.P. Morgan India Private Limited
- HSBC Securities and Capital Markets (India) Private Limited
- IDBI Capital Markets & Securities Limited
- 360 ONE WAM Limited
- Anand Rathi Advisors Limited
- DAM Capital Advisors Limited
- Pantomath Capital Advisors Private Limited
- Equirus Capital Private Limited
The large syndicate reflects the scale and complexity expected for the exchange’s public offering.
Top Law Firms Appointed
In addition to investment banks, eight major law firms have been empanelled to advise on the transaction.
These include:
- Cyril Amarchand Mangaldas
- Khaitan & Co
- Latham & Watkins LLP
- Sidley Austin Singapore Pte. Ltd.
- AZB & Partners
- S&R Associates
- Shardul Amarchand Mangaldas & Co
- Trilegal
These firms will provide legal guidance on regulatory filings, documentation, compliance, and transaction structuring.
Additional Advisors and Intermediaries
Several specialist firms have also been appointed to support the IPO process.
These include:
- MUFG Intime India Private Limited
- Makarand M Joshi & Company
- Manian & Rao
- RBSA Advisors
- Concept Communication Ltd
- Redseer Strategy Consultants Pvt Ltd
These intermediaries will assist with due diligence, valuation, investor communication, documentation, and marketing of the offering.
Rothschild’s Role Concludes
With the appointment of intermediaries completed, Rothschild & Co India Private Limited, which served as the process advisor for the selection of IPO participants, has concluded its engagement with the exchange.
Structure of the Proposed Offering
The proposed IPO is expected to be structured primarily as an offer for sale (OFS).
Under this structure, existing shareholders will sell part of their holdings rather than the exchange raising fresh capital through new shares.
This approach allows early investors and institutional stakeholders to partially monetize their stakes in the exchange.
NSE’s Strong Market Position
The National Stock Exchange remains one of the most influential market infrastructure institutions in India.
As of February 2026, the exchange reported:
- 25 crore trading accounts
- 12.7 crore unique investors
These figures highlight NSE’s dominant position in India’s rapidly expanding retail trading ecosystem.
Financial Performance
The exchange has also demonstrated strong financial performance.
For the financial year ending FY25, NSE reported:
- Consolidated revenue of ₹19,177 crore, representing 17 percent year-on-year growth
- Net profit of ₹12,188 crore
The exchange’s profitability and market leadership are expected to attract significant investor interest once the IPO process formally begins.
A Closely Watched Listing
NSE’s listing plans have been under discussion for several years, but have faced regulatory delays.
With the appointment of merchant bankers, legal advisors, and other intermediaries now completed, the exchange appears to be reviving its listing ambitions.
If the process moves forward as expected, the NSE IPO could become one of the most closely watched public offerings in India’s financial markets.
