NSE appoints record 20 merchant bankers for proposed Rs 30,000 crore IPO; Issue to be entirely OFS
Mumbai, June 18
The National Stock Exchange has appointed a record 20 Book Running Lead Managers or Merchant Bankers for its proposed Rs 30,000 crore initial public offering, underscoring the scale and significance of what is expected to be India's largest public issue.
According to the DRHP, the proposed IPO will be structured entirely as an Offer for Sale (OFS), involving up to 111.42 million equity shares by existing shareholders. As the issue is an OFS, the proceeds from the share sale will accrue to the selling shareholders, while NSE itself will not receive any fresh capital from the offering.
The list of merchant bankers mentioned in NSE's Draft Red Herring Prospectus (DRHP) for its long-awaited public listing, which has remained one of the most closely watched offerings in the Indian capital markets.
The exchange has appointed a diverse syndicate of domestic and global investment banks and financial institutions to manage the issue. The BRLMs include Kotak Mahindra Capital Company, JM Financial, Morgan Stanley India Company (marketing only), Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India, SBI Capital Markets (marketing only), Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital Advisors, Equirus Capital, HDFC Bank, ICICI Securities (marketing only), IDBI Capital Markets & Securities, IIFL Capital Services, Motilal Oswal Investment Advisors, Nuvama Wealth Management, Pantomath Capital Advisors and 360 ONE WAM (marketing only).
The appointment of 20 BRLMs marks the largest syndicate ever assembled for an IPO in India, reflecting the expected size of the issue as well as strong investor interest in securing allocations and participation in the landmark offering.
NSE enters the IPO process from a position of financial strength. For FY26, the exchange reported revenue of approximately Rs 166 billion and a net profit of around Rs 103 billion, highlighting its dominant position in India's capital market ecosystem and the robust growth witnessed in trading activity across asset classes.
The exchange remains a key pillar of India's financial infrastructure, handling a significant share of the country's equity and derivatives trading volumes. Its proposed listing has been awaited for over a decade and is seen as a major milestone for India's capital markets.
The broad-based syndicate comprising leading domestic and international investment banks is likely to ensure wide investor outreach across institutional, high-net-worth and retail segments, while supporting marketing efforts for what could become one of the most consequential public offerings in the history of the Indian stock market.
With the DRHP now in focus and preparations gathering pace, market attention is expected to remain firmly on the timeline and regulatory progress of the proposed NSE listing.
— ANI
Reader Comments
Finally! After waiting for more than a decade, NSE is going public. This is a landmark moment for Indian capital markets. If you look at the merchant banker lineup – Kotak, Morgan Stanley, JP Morgan, SBI Caps – these are top-tier names. The sheer number (20!) shows how important this issue is globally. I'm definitely applying for this IPO. NSE is a monopoly in Indian equity derivatives, and monopolies make money. 🚀
I have mixed feelings about this. Yes, NSE is a great institution, but an OFS means the company doesn't get any capital. Why should investors pay a huge premium for a stock where the only beneficiaries are existing shareholders? Also, 20 merchant bankers? That's crazy – who is going to coordinate all of them? The fees will probably eat into whatever is left. I'll wait for the valuation and then decide. NSE's profit margins are legendary (60%+ margins in a financial services firm is rare), but the pricing will be key.
Impressive financials – ₹166B revenue and ₹103B net profit is world-class profitability for an exchange. It's a virtual monopoly in Indian derivatives, handling over 90% of the market. The 20-banker syndicate is overkill though; it's more about relationships and ensuring no bank misses out on the juicy fees. As an institutional investor, I'm interested but concerned about the OFS structure. No fresh capital and existing shareholders cashing out at peak valuations? Need to see the price band.
As a retail investor, I'm excited but also cautious. NSE is the backbone of Indian trading – every trade goes through them. That's a strong moat. But OFS means dilution without inflow, and the valuation might be high. The merchant banker list is intimidating – 20 names! Does that mean the issue will
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