Merchant bankers are gearing up for a ‘beauty parade’ in anticipation of NSE’s IPO

Merchant bankers get ready to pitch for NSE’s upcoming IPO.

Expert Analysis :

• Merchant Banker Engagement: Top merchant bankers are actively seeking meetings with NSE’s top management in anticipation of the upcoming IPO.

• Regulatory Clearance Required: The IPO process will formally begin only after NSE receives a No Objection Certificate (NOC) from Sebi.

• Merchant Banker Pitch Begins: Internal preparations for a ‘beauty parade’ have commenced, where merchant bankers will pitch their IPO strategies, valuations, and global benchmarks to the NSE.

• Settlement Application Under Review: NSE filed a ₹1,400 crore settlement application with Sebi on June 20 for co-location and dark fibre cases, currently under HPAC review.

• IPO Process to Begin Post-NOC: NSE plans to start the formal IPO process immediately after the case is withdrawn and Sebi issues the No Objection Certificate (NOC).

• Expected Timeline for IPO Launch: DRHP preparation may take 4–5 months, followed by 2–3 months for Sebi queries; IPO likely in Q4 FY26 if all goes smoothly.

• Legal Battle Status: NSE won the case in SAT, but Sebi challenged the ruling in the Supreme Court; a final decision is still pending.

• Settlement Fund Details: NSE deposited ₹1,100 crore with Sebi; ₹300 crore was returned in 2023, and ₹800 crore remains. An additional ₹600 crore may be paid to reach the total ₹1,400 crore settlement.