The much-anticipated NSE IPO is another step closer to its launch. The country’s largest stock exchange has appointed 20 merchant banks to manage its long-awaited initial public offering (IPO), marking the largest number of bankers selected to manage any public issue in the Indian market so far.
The list includes almost every investment banker active in the Indian ecosystem. The bankers listed by the stock exchange to anchor its listing are- Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, Motilal Oswal Investment Advisors, ICICI Securities, SBI Capital Markets, Nuvama Wealth Management, HDFC Bank, Avendus Capital Private, Morgan Stanley India Company, Citigroup Global Markets India, J.P. Morgan India, HSBC Securities and Capital Markets, IDBI Capital Markets & Securities, 360 ONE WAM, Anand Rathi Advisors, DAM Capital Advisors, Pantomath Capital Advisors Private, and Equirus Capital Private.
As India’s largest bourse, the NSE is also the country’s largest unlisted company by number of investors, adding to the complexity of the listing process. It has not yet disclosed details around the offer-for-sale.
NSE selects 8 law firms
The NSE has also selected eight law firms, including Cyril Amarchand Mangaldas, Khaitan & Co, Latham & Watkins LLP, Sidley Austin Singapore Pte. Ltd., AZB & Partners, S&R Associates, Shardul Amarchand Mangaldas & Co, and Trilegal.
NSE selects 8 intermediaries
National Stock Exchange has selected other intermediaries, including MUFG Intime India, Makarand M Joshi & Company, Manian & Rao, RBSA Advisors, Concept Communication, and Redseer Strategy Consultants.
“With the completion of this process, the engagement of Rothschild & Co India Private Limited as the process advisor for selection and appointment of NSE’s IPO intermediaries/advisors, has drawn to a close today. “ NSE added in the statement.
The exchange has been trying to list since 2016 and was embroiled in litigation with India’s markets regulator, which fined it 11 billion rupees ($120 million) in 2019 for failing to provide equitable access to all its trading members. It received the regulator’s approval to go public in January this year.
Prior to this, the public issue of ICICI Prudential AMC in 2025 drew the largest number of bankers for an Indian IPO, with 18 banks participating.