India’s biggest stock exchange, the National Stock Exchange of India, is reportedly preparing to file its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India in the first half of June 2026. The development could mark a major breakthrough in one of India’s most-awaited IPOs after nearly a decade of delays.
NSE Targets Early June Filing
According to reports, discussions between NSE and its lead bankers have accelerated in recent weeks, with preparations actively underway for the DRHP filing. Sources familiar with the matter indicated that the exchange may submit the papers between June 5 and June 15.
The IPO is expected to be a pure Offer For Sale (OFS), meaning existing shareholders will dilute their stake instead of NSE issuing fresh shares. Reports suggest the public issue could potentially become one of India’s biggest IPOs, with estimates ranging up to ₹23,000 crore depending on valuation and market conditions.
Why NSE IPO Was Delayed For Years
NSE originally planned to go public nearly 10 years ago, but the process faced repeated regulatory hurdles due to the controversial co-location and dark fibre cases. The allegations were related to unfair access given to certain trading members through NSE’s co-location infrastructure.
In January 2026, SEBI reportedly issued a crucial no-objection certificate (NOC), allowing the exchange to revive its IPO plans after settlement discussions and regulatory compliance efforts.
Soon after receiving the NOC, NSE began appointing merchant bankers, legal advisors, and independent consultants to accelerate the listing process.
Why This IPO Matters
The listing of NSE is expected to become a landmark event for India’s capital markets. NSE is currently among the world’s largest derivatives exchanges and remains India’s dominant stock exchange platform.
Market experts believe the IPO could improve transparency, governance, and public participation in India’s financial infrastructure institutions. The listing may also unlock significant value for existing shareholders, including financial institutions and early investors.
Investor enthusiasm around NSE shares has already remained strong in the unlisted market, with expectations that the IPO could attract massive institutional and retail participation once launched.
What Happens Next?
After the DRHP filing, SEBI will review the draft documents before granting final approval for the IPO launch. Reports suggest NSE is targeting a stock market debut before the end of 2026 if regulatory timelines proceed smoothly.
The upcoming IPO is being closely watched by investors, analysts, and the broader financial industry, as it could become one of the most significant listings in India’s stock market history.
Summary
NSE is reportedly preparing to file IPO papers with SEBI in early June 2026, potentially ending a decade-long wait for its public listing. The IPO, expected to be a massive Offer For Sale, comes after regulatory hurdles linked to co-location cases were resolved. The listing could become one of India’s biggest IPOs and a major milestone for Indian capital markets.
