India's National Stock Exchange files $3.5 billion IPO prospectus

India’s National Stock Exchange (NSE) filed its Draft Red Herring Prospectus with SEBI on June 17, outlining a 100% offer‑for‑sale of about 148.9 million equity shares, roughly 6% of the exchange’s equity. The issue is priced at around 30,000 crore rupees (≈ $3.5 billion) and involves no new capital for NSE; existing shareholders are cashing out.

Sellers include the State Bank of India, the Canada Pension Plan Investment Board, Morgan Stanley and New India Assurance. With a market‑capitalisation that places it among the world’s five largest exchanges and over $5 trillion in listed companies, the offering would be India’s biggest IPO in more than six years, eclipsing the LIC listing of 2022. The filing makes no reference to crypto or blockchain, underscoring the dominance of traditional financial infrastructure in the Indian market.