India's NSE launches $3 billion IPO marketing ahead of September listing

The National Stock Exchange of India (NSE) will begin formal marketing for its planned $3 billion secondary‑share IPO as early as next week. The roadshow will cover investor meetings in six regions – the United States, United Kingdom (London), Singapore, Hong Kong, the Middle East and India – with a target September 2026 listing window.

The offering consists entirely of existing shareholders selling up to 148.9 million shares, about 6 % of the company. NSE has appointed around 20 banks, including Kotak Mahindra Capital, JM Financial, Morgan Stanley, HSBC and Citi, to run the share sale. A draft prospectus filed last month values the exchange at more than 5.25 trillion rupees (about $55 billion) in the gray market, implying that the full stake could raise roughly 306 billion rupees, potentially surpassing Hyundai Motor India's 2024 record IPO.

Proceeds from the sale will go to the selling shareholders, not to NSE itself. The IPO is positioned as one of India’s largest ever and could reshape investor perception of the country's capital markets.