NSE's ₹5 Trillion IPO Gains Momentum with Elite Advisors and Record Financials
The National Stock Exchange of India (NSE) has taken major steps toward its long-awaited initial public offering (IPO). After years of delays, the exchange has now assembled a team of advisors and bankers to push the listing forward. Recent financial results and regulatory updates suggest the IPO could value NSE at over ₹5 trillion post-listing.
NSE has appointed 20 merchant bankers to manage its IPO, forming one of the largest syndicates on Dalal Street. Among the selected firms are Kotak Mahindra Capital, JM Financial, and Axis Capital. The process was conducted through a structured and competitive selection method.
Eight law firms, including Cyril Amarchand Mangaldas and Khaitan & Co, have also been empanelled for the transaction. Additional intermediaries, such as MUFG Intime India and Makarand M Joshi & Company, will support the IPO process. Rothschild & Co India, which served as the process advisor for appointing these intermediaries, has now completed its role. The proposed IPO is expected to be structured primarily as an offer for sale (OFS). This comes as NSE reported strong financial performance in FY25, with consolidated revenue of ₹19,177 crore and net profit of ₹12,188 crore—a 17% year-on-year increase. As of February 2026, the exchange hosted around 25 crore trading accounts and 12.7 crore unique customers. Regulatory changes on March 13, 2026, now classify NSE as eligible for a post-IPO valuation exceeding ₹5 trillion (approximately $57 billion). This places it among the world's largest exchanges, comparable to the New York Stock Exchange and Shanghai Stock Exchange in terms of scale.
With its advisory team now in place, NSE is moving closer to its first public listing. The IPO, if successful, would mark a significant milestone for India's financial markets. The exchange's strong financials and vast customer base provide a solid foundation for the offering.
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