The National Stock Exchange (NSE) is on track to launch what could become the largest initial public offering (IPO) in Indian history, potentially surpassing the ₹28,870 crore IPO of Hyundai Motor India. With a private market valuation approaching ₹6 lakh crore, NSE could raise an estimated ₹55,000 to ₹60,000 crore by offloading just 10% of its equity. This IPO is expected to reshape India’s capital market landscape and draw significant attention from institutional and retail investors alike.

NSE, the country’s leading equity derivatives exchange, posted impressive financials in 2024, with revenue reaching ₹17,141 crore and a net profit of ₹12,188 crore, marking year-on-year growth of 16% and 47%, respectively. These strong fundamentals enhance the attractiveness of the IPO, especially as Indian investors increasingly seek long-term exposure to the backbone of the country’s financial infrastructure. The listing could also further improve transparency and corporate governance at the exchange.

While the IPO has yet to receive final approval from the Securities and Exchange Board of India (SEBI), momentum has picked up following the payment of a ₹1,000 crore penalty by NSE in October 2024. The penalty stemmed from past allegations of preferential trading access. With regulatory hurdles largely addressed, the IPO process is now moving forward rapidly. If successful, this offering will not only mark a record fundraising feat but also serve as a landmark event in Indian financial history.