The action and the focus in the IPO market has clearly shifted towards this one big issue that has finally got the approval from the market regulator after a long wait. The Securities and Exchange Board of India (SEBI), has given the greenlight for the NSE IPO. The exchange got the go-ahead to launch its Initial Public Offering (IPO) and it could be worth close to Rs 30,000 crore, big enough to challenge for the title of one of India’s largest-ever stock market debut.
Why has this taken ten years? What happens now? And if you are an investor, when should you actually start paying attention? Let’s take a look at the headline, and the timeline of what comes next.
NSE IPO: September launch now in focus
Nothing is official yet, but the broad shape of the plan is out.
According to popular expectations, stock market buzz and expert observations, and as per sources quoted by PTI, NSE could announce the IPO price band around September 15, with the issue potentially opening around September 18. The listing is expected around September 25, although the final schedule will be confirmed only after the updated red herring prospectus is filed.
Earlier reports had indicated a possible September 15 opening and September 24-25 listing. The latest timeline therefore points to a launch in the second half of September.
But readers must remember this is not an official date here. The National Stock Exchange will file the updated DRHP with SEBI this week. All eyes are on the exchange for official announcement of IPO launch date.
NSE IPO GMP
The NSE IPO GMP has been trending higher ever since the approval from SEBI. It is right now oscillating in a range of Rs 275-300 a share. The Street is awaiting official announcement of IPO dates.
NSE IPO: What’s going to be the likely size?
The proposed NSE issue could be among India’s largest IPOs.
Reports have pegged the offering at around Rs 30,000 crore, although the final amount will depend on the terms announced by the exchange. The proposed issue is structured entirely as an offer for sale (OFS), meaning existing shareholders will sell their stakes rather than NSE raising fresh capital.
The draft documents propose an offer of up to 14.89 crore shares, representing roughly 6% of NSE’s paid-up capital.
At around Rs 2,000 per share, the unlisted market has recently valued NSE at close to Rs 4.9 lakh crore, although IPO pricing could differ from the unlisted-market price.
How does this compare with India’s past big listings?
| Company | Year | IPO Size |
| NSE (expected) | 2026 | Rs 30,000 crore |
| Hyundai Motor India | 2024 | Rs 27,858.75 crore |
| Life Insurance Corporation of India (LIC) | 2022 | Rs 20,557.23 crore |
| One97 Communications (Paytm) | 2021 | Rs 18,300 crore |
| Tata Capital | 2025 | Rs 15,511.87 crore |
| Coal India | 2010 | Rs 15,200 crore |
Even this may not hold the crown for long. Jio Platforms, the digital arm of Mukesh Ambani’s business group, is expected to launch an even bigger IPO of around Rs 37,700 crore, though there is no date for that yet.
NSE IPO: Who is actually selling shares?
Since this is an OFS, it helps to know who is cashing out. State Bank of India (SBI) plans to sell 2.48 crore shares, while MS Strategic (Mauritius) will offload 1.60 crore shares.
Other sellers include the Canada Pension Plan Investment Board (CPPIB), Bank of Baroda, and several state-run insurers. Interestingly, Life Insurance Corporation of India (LIC), which owns the largest single stake in NSE at 10.72%, is not selling any shares at all.
Why did the NSE IPO take so long?
NSE first filed for an IPO in 2016. The plan was subsequently stalled amid regulatory investigations linked to its co-location and dark-fibre arrangements, along with broader governance concerns.
A related dispute over high-speed “dark fibre” internet connections added more legal trouble. SEBI even ordered NSE to pay back over Rs 624 crore in 2019 and briefly barred it from the market.
Years of appeals followed, including a challenge at the Securities Appellate Tribunal (SAT) and later the Supreme Court.
The turning point came this year. NSE agreed to settle both disputes for close to Rs 1,491 crore, received a No Objection Certificate (NOC) from SEBI in January, and filed fresh listing documents in June.
On September 3, the Supreme Court cleared the last legal roadblock by dismissing SEBI’s remaining appeals.
NSE IPO: What happens now?
With regulatory and legal hurdles finally out of the way, the next few weeks are about paperwork and pricing. All eyes are on the official announcement of the issue size, price band and the valuation therein for India;s largest stock exchange.
Disclaimer: This article covers an upcoming initial public offering (IPO) with direct investment implications, potential price bands, and unlisted market valuations. Per regulatory compliance standards, information regarding securities and public offers is provided purely for informational purposes and does not constitute a buy, sell, or hold recommendation. Investors should rely solely on the final Red Herring Prospectus (RHP) filed with SEBI and consult a SEBI-registered financial advisor before making any investment decisions.