NSE Targets Up To ₹5.26 Lakh Crore Valuation For Proposed IPO

National Stock Exchange of India Ltd. is seeking a valuation of as much as ₹5.26 lakh crore, or $55 billion, for its planned initial public offering, people familiar with the matter told Bloomberg. The exchange has been discussing a price range of ₹2,000 to ₹2,100 per share with prospective investors during its IPO roadshow.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

NSE has completed most of its meetings with global investors, with discussions in the Middle East still pending, the people said. The exchange declined to comment on the proposed valuation or pricing, reiterating that it has filed a draft prospectus with the Securities and Exchange Board of India (SEBI).

IPO Could Launch In Second Half Of September

The proposed listing timeline has moved from an earlier expectation of regulatory approval in early August. The delay of around three weeks was linked to changes in the list of shareholders selling shares in the issue, including the addition of SBI Capital Markets Ltd.

Changes to the IPO documents require a 21-day period for public comments. The share sale is now expected to open in the second half of September, subject to regulatory clearances and finalisation of the offer details.

NSE conducted investor meetings in Boston, New York, San Francisco, London, Singapore and Hong Kong. Around 120 large global investors participated in the meetings, including BlackRock Inc., Capital Group, GQG Partners, Janus Henderson Group Plc and Allspring Global Investments.

NSE IPO May Surpass Hyundai India Record

At a valuation of $55 billion, NSE would rank among the world’s largest listed exchange operators by market value. It would stand close to London Stock Exchange Group Plc and Nasdaq Inc., while CME Group Inc. and Intercontinental Exchange Inc. currently have market values of about $97 billion and $86.9 billion, respectively.

The proposed issue could also set a new benchmark for India’s IPO market. NSE plans to sell a 6% stake, which at the upper end of the indicated valuation could raise about ₹31,500 crore.

That would exceed the ₹27,870 crore raised by Hyundai Motor Co.’s Indian subsidiary in 2024, currently the largest IPO in India by proceeds.

Offer To Consist Entirely Of Existing Shares

NSE filed its draft prospectus with the market regulator in June. The proposed IPO will comprise only an offer for sale, meaning the company itself will not receive proceeds from the shares being offered.

Existing shareholders intend to sell up to 148.9 million shares, representing approximately 6% of NSE, according to the draft filing. The final number of shares and pricing will depend on the outcome of the regulatory process and the final terms of the issue.

For investors tracking the NSE share price ahead of its proposed listing, the IPO valuation and offer price will be key details once the final issue structure is disclosed.

NSE has appointed 20 banks to manage the proposed share sale. The banking group includes Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley, HSBC Holdings Plc and Citigroup Inc.

The exchange’s planned offering remains subject to regulatory approval, with the final valuation, price and launch schedule yet to be formally announced.