India's NSE IPO set to become the country's largest offering after a decade-long delay

The National Stock Exchange of India (NSE) has submitted its draft prospectus to the market regulator SEBI, moving the long‑awaited public offering forward after a ten‑year postponement. The IPO is expected to raise around 30,000 crore rupees (≈ $300 billion) and value the exchange at roughly $57 billion. A price band of about 1,900 rupees per share, representing a 5‑10% discount to the current unlisted price, has been suggested.

Top shareholders such as State Bank of India, Singapore’s Temasek, and Canada’s CPPIB stand to gain an estimated 25,000 crore rupees (≈ $2.6 billion) from the sale. Government‑owned general insurers—National Insurance, United India Insurance and Oriental Insurance—will sell portions of their holdings at 0.32‑0.50 rupee per share, potentially earning 1,000‑1,200 crore rupees each. Analysts note that while the transaction provides a one‑time cash boost, the insurers’ solvency challenges remain, requiring additional capital of up to 17,000 crore rupees to meet regulatory ratios.