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  3. NSE – May Eye ₹6–7 Trillion IPO Valuation Ahead of Listing

NSE – May Eye ₹6–7 Trillion IPO Valuation Ahead of Listing

16 Mar 2026

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Key Takeaways

Key Takeaway:
NSE’s proposed IPO, targeting a ₹6–7 trillion valuation and ₹28,000–38,000 crore size, positions it to become India’s largest-ever public issue, with the OFS structure focused on shareholder exits rather than capital raising.

Key Takeaway:
NSE’s proposed IPO, targeting a ₹6–7 trillion valuation and ₹28,000–38,000 crore size, positions it to become India’s largest-ever public issue, with the OFS structure focused on shareholder exits rather than capital raising.

NSE limited unlisted shares

National Stock Exchange (NSE)

DRHP filed0.00%

Expert Analysis

Expert Analysis:

  • The National Stock Exchange of India (NSE) is likely targeting an IPO valuation of ₹6 trillion to ₹7 trillion ($65–75 billion), which would place it among the top 7 most valuable listed companies in India.

  • Based on this valuation, the IPO size is estimated at ₹28,000 crore to ₹38,000 crore, potentially making it India’s largest IPO, surpassing Hyundai Motor India’s ₹27,870 crore issue.

  • The offering is expected to be entirely an Offer for Sale (OFS), with existing shareholders planning to divest around 4.5%–5% stake, indicating no fresh capital infusion into the exchange.

  • Despite the large issue size, investment banking fees are expected to be ₹300–400 crore, lower than the ₹493 crore paid in Hyundai’s IPO, reflecting competitive fee structures across multiple appointed bankers.

Publisher:Business Standard