National Stock Exchange of India seeks $55 billion valuation in IPO

The National Stock Exchange of India (NSE), which operates the world’s largest derivatives exchange by trading volume, is seeking a valuation of up to US$55 billion (approximately 5.26 trillion rupees) in its upcoming initial public offering (IPO).

The exchange has been marketing shares at a price range of 2,000 to 2,100 rupees per share during global investor meetings. If the valuation reaches the top of this range, the NSE would become the sixth-largest global exchange operator by market capitalization, positioned between the London Stock Exchange Group and Nasdaq.

The IPO is expected to launch in the second half of September. The timeline was recently pushed back by approximately three weeks due to changes in the list of selling shareholders, which included the addition of SBI Capital Markets. This change requires a mandatory 21-day public feedback period. The offering will be a complete offer for sale (OFS), meaning the exchange itself will not receive funds from the issue; instead, existing shareholders plan to sell up to 14.89 crore shares, representing about 6% of the company. The NSE has appointed 20 banks to manage the sale.