The National Stock Exchange (NSE) has appointed key intermediaries for its much-awaited initial public offering (IPO), including 20 merchant banks and 8 law firms. They will help India’s leading bourse with various aspects of the public issue, including regulatory filings, due diligence, documentation, marketing and execution, the company said in a press release.
The selected list of 20 merchant bankers include Morgan Stanley, JP Morgan, Citigroup Global, HSBC Securities, Kotak Mahindra Capital Company, HDFC Bank, and Axis Capital. They will now ascertain the company’s valuation. In the unlisted market, the company is valued at ₹4.89 lakh crore or ₹1,975 per share. The stock had reached a peak of ₹2,400 apiece in May 2025, as per data on UnlistedZone.
The stock exchange has also selected law firms such as Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, Khaitan & Co, Latham & Watkins, Sidley Austin Singapore, AZB & Partners, S&R Associates, and Trilegal.
With the selection of these intermediaries, the role of Rothschild & Co India as NSE’s independent IPO process advisor has ended.
At the end of January, NSE got clearance from the markets regulator for the IPO after a decade-long wait, primarily because of its widely-known co-location case. In the September quarter last year, the company had kept a provision of almost ₹1,300 crore for the settlement of the dark fibre case.