NSE Picks 20 Bankers For IPO, Highest Ever For An Indian Public Issue

The National Stock Exchange (NSE) has appointed 20 book running lead managers (BRLMs) for its proposed initial public offering, the highest number of investment banks engaged for a single public issue in India.

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According to the draft red herring prospectus (DRHP), the exchange has mandated Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, SBI Capital Markets, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM to manage the offering.

The appointment marks one of the largest syndicates assembled for an Indian IPO and exceeds the number of bankers involved in previous large issues.

Four Firms To Play Marketing Role

As per the DRHP, Morgan Stanley India Company, SBI Capital Markets and ICICI Securities will only be involved in marketing the offer because they are associated with some of the selling shareholders in the issue.

Similarly, 360 ONE WAM will have a marketing-only mandate in accordance with regulatory requirements.
The proposed IPO is entirely an offer for sale, with existing shareholders planning to sell up to 14.89 crore equity shares. Since no fresh shares are being issued, NSE will not receive any proceeds from the public issue.

Institutional Shareholders To Pare Stakes

The selling shareholders include State Bank of India, Bank of Baroda, Indian Bank, Canada Pension Plan Investment Board, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, United India Insurance Company and The Oriental Insurance Company, among several other institutional investors.

The public issue is expected to be among the biggest listings in India’s capital markets, given the exchange’s dominant position in the domestic trading ecosystem.

India’s Largest Exchange By Trading Volumes

NSE is one of the world’s largest derivatives exchanges and remains the country’s leading stock exchange in terms of trading activity.

According to the DRHP, the exchange reported revenue from operations of ₹16,601 crore in FY26, while net profit stood at ₹10,302 crore.

Large Indian IPOs have previously featured sizeable syndicates, though with fewer participants. ICICI Prudential Asset Management Company’s issue had 17 bankers, while HDB Financial Services appointed 12 merchant bankers for its public offering.

The appointment of 20 investment banks underscores the scale of the proposed listing and highlights the significance of the long-awaited public issue in India’s equity market landscape.