NSE IPO draft filing: ₹30,000-crore OFS in 2026

NSE files draft IPO papers after long delay

National Stock Exchange of India (NSE) has filed draft papers for its long-delayed initial public offering after nearly a decade. The IPO is expected to be closely watched because NSE is India’s largest stock exchange and one of the country’s key market infrastructure institutions. Multiple reports cited by Reuters say the listing could value the exchange at about $17 billion. Another estimate in the provided text pegs the value near ₹5 lakh crore. The filing is also important for existing shareholders, many of whom invested decades ago at very low acquisition prices.

Offer structure: OFS only, no fresh issue

The proposed IPO is structured entirely as an offer for sale (OFS) of up to 148,905,525 equity shares, or about 14.89 crore shares. There is no fresh issue component. That means NSE will not receive any proceeds from the public offering. Instead, the money raised will go directly to existing shareholders who are selling part of their holdings. The provided text also states that existing shareholders together plan to divest around 6% of the exchange’s equity.

Issue size estimates and reference price points

Based on the exchange’s current unlisted market price of around ₹2,000 per share, one estimate puts the IPO’s value at nearly ₹30,000 crore. Another line in the provided text says the issue size could be around ₹28,000–32,000 crore, implying a potential price band of ₹1,900–2,000 per share. Reuters also reported that, according to three sources including merchant bankers, shares may be priced at a 5% to 10% discount to private market valuations, with discussions centered around ₹1,900 per share. Separately, one estimate referenced a gray market price of ₹2,055 a share on an unlisted trading platform.

What the filing could mean for top shareholders

Reuters estimates suggest the top 10 shareholders participating in the offer could collectively pocket around $1.6 billion, or nearly ₹25,000 crore at current exchange rates. Another estimate in the text puts this number at nearly ₹24,000 crore based on prevailing unlisted valuations. The key point is that gains accrue to shareholders because the IPO is an OFS. Investors named as potential major beneficiaries include State Bank of India (SBI), Singapore’s Temasek, the Canada Pension Plan Investment Board (CPPIB), and MS Strategic, a Mauritius-based fund managed by Morgan Stanley.

SBI’s stake sale: proceeds estimates and cost of acquisition

SBI is described as the largest selling shareholder in the issue. One Reuters calculation based on the draft prospectus indicated SBI could earn about ₹4,700 crore from selling part of its stake. Another estimate in the text says SBI could pocket nearly ₹4,950 crore from selling 2.47 crore NSE shares at around ₹2,000 per share. A separate line states SBI is selling 24.75 million shares, which is broadly consistent with 2.47 crore shares. The reported weighted average cost of acquisition for SBI is ₹0.80 per share, reflecting purchases between 1993 and 1999.

Other large institutional sellers and expected monetisation

The text lists several other institutions expected to monetise meaningful amounts through the IPO. Mauritius-based MS Strategic is cited as potentially fetching around ₹3,200 crore for a proposed sale of 1.6 crore shares. CPPIB could realise approximately ₹2,375 crore, while Temasek is referenced through its Aranda Investment division with an expected gain cited at ₹2,067 crore in one Reuters-based estimate. Bank of Baroda and Stock Holding Corporation of India are expected to unlock more than ₹2,100 crore each. Insurers including General Insurance Corporation of India (GIC Re) and New India Assurance are expected to realise more than ₹2,100 crore each, while National Insurance Company and United India Insurance Company are expected to generate around ₹1,200 crore each.

Individual shareholders: Damani, Munjal, Gopalakrishnan and others

The filing also highlights the scale of value unlocked for individual and promoter-class investors at an assumed IPO price of ₹2,000 per share. Dmart promoter Radhakishan Damani’s 1.58% stake is valued at ₹7,817 crore, though the acquisition price is not disclosed in NSE’s draft prospectus. Sunil Kant Munjal holds 1.02 crore shares (0.41%) valued at ₹2,040 crore. Infosys co-founder S. Gopalakrishnan owns 94.29 lakh shares (0.38%) worth ₹1,886 crore. Dmart CEO and MD Ignatius Navil Noronha holds 30 lakh shares (0.12%) valued at ₹600 crore, while investor Dolly Khanna holds 15.17 lakh shares (0.06%) valued at ₹303 crore.

Multiples on early investments: banks and insurers

Some investors are positioned for very large multiples because their original purchase prices were in paise per share. The text cites an estimate that SBI could see an almost 2,568-fold gain based on a gray market price of ₹2,055 and an acquisition cost of ₹0.80. Another line suggests about a 2,750-times return for SBI at an expected price of ₹2,200 per share. For Bank of Baroda, the cited cost of acquisition is ₹0.54 per share, with a cited return multiple of around 3,710 times based on a ₹2,000 reference price. Two non-life insurers, The New India Assurance and National Insurance, are described as being on track for a 6,875-time return at ₹2,200 per share given a ₹0.32 acquisition cost.

Key facts snapshot

Market impact and why the structure matters

Because the IPO is an OFS, the listing primarily functions as a liquidity event for existing shareholders rather than a capital-raising exercise for NSE. The draft filing and the expected issue size place the transaction among the largest public offerings in Indian corporate history, with one comparison noting it could surpass Hyundai Motor India’s ₹27,000-crore IPO in 2024. For public-market investors, the key variables in the provided text are the eventual IPO pricing and the discount, if any, to private market valuations. For existing investors, the direct impact is the monetisation of holdings, with Reuters estimating about $1.6 billion of gains for the top 10 participants.

Conclusion

NSE’s draft IPO filing brings a long-awaited listing closer and sets up a major wealth realisation event for shareholders ranging from state-owned banks and insurers to global funds and prominent individual investors. The final size and pricing will determine the exact proceeds, with discussions in the text spanning ₹1,900 to ₹2,000 per share and additional references to ₹2,055 in gray market trading and ₹2,200 as an expected price in one estimate. With the IPO structured fully as an OFS, the next milestones will be the final prospectus, price band, and launch timeline once regulatory processes are completed.