India's NSE eyes Sep 21-week listing after regulator clears IPO, sources say
NSE has been valued at about US$55 billion in the unlisted market Read more at The Business Times.
Published Sat, Sep 5, 2026 · 03:49 PM
INDIA’s National Stock Exchange (NSE) is targeting a listing in the week starting Sep 21, three sources familiar with the matter said, after receiving long-awaited regulatory approval for its initial public offering on Friday (Sep 4).
The IPO could rank among India’s biggest-ever, alongside billionaire Mukesh Ambani’s Jio. NSE has been valued at about US$55 billion in the unlisted market, according to Reuters estimates, potentially placing it among the country’s 10 most valuable companies by market capitalisation.
NSE dominates trading in India’s equity derivatives market and is the world’s most active derivatives exchange by contracts traded. The exchange operates India’s benchmark Nifty 50 index .
The exchange is expected to begin book-building on Sep 11, with the price band likely to be announced on Sep 15, the sources said. They declined to be identified because they were not authorised to speak to the media.
In informal meetings, large prospective investors, including Indian mutual funds, indicated they would be comfortable buying shares at around 1,800 rupees apiece, the sources said, adding that the formal price band is likely to be set near that level.
At that price, NSE will be valued at US$47 billion. Rival BSE has seen its shares surge 28-fold since going public in 2017.
NSE did not immediately respond to a Reuters request for comment.
“Post-listing NSE will be top 10 among India’s largest companies in terms of market cap, which will garner huge interest from the market,” said Deven Choksey, managing director of fund and wealth manager DRChoksey FinServ.
“At an expected price-to-earnings valuation of around 35 times, the IPO would provide investors with headroom (for gains) after listing,” Choksey added.
SEE ALSO
Crowded IPO market
NSE’s listing comes as India’s IPO market regains momentum, with a record six companies set to debut on a single day next week after fundraising activity slowed earlier this year amid the US-Iran war.
It was unclear whether the NSE IPO would ease or intensify competition for investor attention, said Arun Kejriwal, founder of Kejriwal Research and Investment Services.
“I’m not sure whether NSE hitting the market at such a time will add to the pressure or reduce the pressure.”
NSE’s proposed IPO will be entirely an offer for sale by existing shareholders, with the exchange itself receiving none of the proceeds.
Delayed Issue
NSE filed its draft red herring prospectus with SEBI on Jun 17, reviving a listing plan that had been held up since 2016 by regulatory scrutiny and legacy legal issues.
NSE’s listing plans had been held up by regulatory investigations into its co-location and dark-fibre facilities, among other issues. Friday’s approval follows the exchange’s settlement of past compliance lapses with the SEBI, clearing a key hurdle to its long-awaited IPO.
More recently, a regulatory crackdown on derivative trading and new rules to determine closing trading prices have hurt the exchange business.
NSE’s derivatives trading volumes have softened in recent months. Average daily derivatives turnover fell about 16 per cent in August from a year earlier, while average daily options turnover, which accounts for the bulk of trading activity, declined 20 per cent from July, according to Jefferies.
Transaction fees from trading contribute the majority of the exchange’s revenue.
Despite recent regulatory curbs on retail derivatives trading, India’s capital markets remain underpenetrated compared with most major economies. REUTERS
Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Glamour Canada.
