NSE IPO: NSE Shortlists Around 20 Investment Banks For Mega IPO; DRHP Filing Expected By May-End

The National Stock Exchange of India has shortlisted around 20 investment banks for its proposed initial public offering (IPO), marking a key step in the exchange’s long-awaited listing process, according to sources cited by Reuters and Moneycontrol.

Several global and domestic investment banks are part of the shortlist, including Kotak Mahindra Capital, Citi, JM Financial, J.P. Morgan, HSBC Securities, and Morgan Stanley, according to industry sources.

The exchange is also reported to have shortlisted around seven to nine law firms to support the IPO process.

Sources said approximately 20–25 investment banks had submitted presentations for the mandate, with about 20 lenders expected to move forward in the process.

Merchant Banker Selection Process

The shortlisted investment banks will assist in structuring the NSE IPO, coordinating with regulators and preparing listing documents for the issue.

The Securities and Exchange Board of India will receive the preliminary listing document, known as the draft red herring prospectus (DRHP), once preparations are completed for the upcoming IPO.

According to sources cited by Reuters, the DRHP is expected to be filed by the end of May or in the first week of June.

The exchange’s IPO committee is scheduled to review the shortlisted investment banks and finalise appointments. The exchange’s IPO committee is headed by Tablesh Pandey, former Managing Director of Life Insurance Corporation of India.

Once merchant bankers are formally appointed, they will begin preparing the draft prospectus and coordinating regulatory approvals for the listing.

Advisory And Governance Framework

The exchange has appointed Rothschild & Co as an independent adviser to oversee the IPO process and help select key intermediaries including book-running lead managers and legal advisers.

According to earlier statements by the exchange, the adviser is responsible for establishing a transparent evaluation framework and managing the selection process for IPO advisers and intermediaries.

The National Stock Exchange board approved the IPO plan during a meeting held on February 6, with the proposed issue expected to be conducted through an offer for sale by existing shareholders.

Institutional shareholders in the exchange include Life Insurance Corporation of India, State Bank of India, and Singapore-based investment firm Temasek Holdings.

NSE Operations And Market Presence

Established in 1992, the National Stock Exchange began operations in 1994 as India’s first electronic stock exchange.

The exchange provides trading platforms across multiple asset classes including equities, debt securities, commodities, currencies, derivatives and exchange traded funds.

According to the exchange’s 2025 annual report, the platform had 11.3 crore unique registered investors, representing a 23% year-on-year increase. Total investor accounts stood at around 22 crore.

The exchange had 2,720 listed companies on its platform during the year.

Consolidated financial data for FY25 showed total revenue of ₹19,177 crore, up 17% year-on-year, while profit after tax rose 47% year-on-year to ₹12,188 crore.

The exchange also facilitated capital mobilisation of ₹18.7 lakh crore during FY25, including ₹14.2 lakh crore raised through debt markets and ₹4.26 lakh crore through equity issuances, according to the annual report.

The selection of merchant bankers and advisers marks the next stage in the preparation for the proposed listing of the National Stock Exchange.