India's NSE targets September IPO of ₹30,000 cr

The National Stock Exchange of India is preparing to launch its long-awaited initial public offering, targeting a September debut that could rank among the largest in the country's history. The IPO, structured entirely as an offer for sale by existing shareholders, is expected to raise approximately 30,000 crore rupees and value the exchange at over 5 lakh crore rupees.

Formal investor marketing and roadshows are scheduled to begin as early as next week, with meetings planned across the United States, Europe, the Middle East, and Asia. The exchange has appointed about 20 merchant banks to manage the offering. Existing shareholders plan to sell up to 14.89 crore shares, representing nearly 6% of the company's equity. Major sellers include the State Bank of India, MS Strategic Mauritius Ltd, and several public sector insurance companies, while the largest shareholder, Life Insurance Corporation of India, will not participate.

The listing marks the culmination of a process that began nearly a decade ago. NSE first filed draft papers for an IPO in 2016, but the plan was stalled by regulatory concerns, including governance issues related to a colocation matter. After undertaking...