India's NSE targets listing in week of September 21 after IPO clearance, sources say

India’s National Stock Exchange is planning to list in the week starting September 21, two sources familiar with the matter said, after the markets regulator cleared its long-awaited IPO on Friday.

The exchange is expected to begin book-building, a process to gauge investor demand and determine the IPO price, on September 11, with the price band likely to be announced on September 15, the sources said, declining to be named as they were not authorised to speak to the media.

NSE did not immediately respond to a Reuters’ request for comment.

Its share sale could rank among India’s biggest-ever, alongside billionaire Mukesh Ambani’s Jio. NSE has been valued at about $55 billion in the unlisted market, according to Reuters estimates, potentially placing it among the country’s 10 most valuable companies by market capitalisation.

NSE dominates trading in India’s equity derivatives market and is the world’s most active derivatives exchange by contracts traded. The exchange operates India’s benchmark Nifty 50 index.

“Post listing NSE will be top 10 among India’s largest companies in terms of market cap, which will garner huge interest from the market,” said Deven Choksey, managing director of fund and wealth manager DRChoksey FinServ.

“At an expected price-to-earnings valuation of around 35 times, the IPO would provide investors with headroom (for gains) after listing,” Choksey said.

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Crowded space

NSE’s listing comes at a time when India’s primary market is set for a record six IPOs on a single day next week, as companies hasten fundraising plans after a sluggish start to 2026 amid the U.S.-Iran war.

It was unclear whether the NSE IPO would ease or intensify competition for investor attention, Arun Kejriwal, founder of Kejriwal Research and Investment Services, said.

“I’m not sure whether NSE hitting the market at such a time will add to the pressure or reduce the pressure.”

NSE’s proposed offering will be an offer for sale by existing shareholders, meaning NSE itself will not receive proceeds from the issue.

Despite a recent clampdown on derivatives trading by retail investors, India’s capital markets penetration remains low compared with other major economies.

The Securities and Exchange Board of India issued observations on NSE’s draft prospectus, a key regulatory milestone that allows companies to proceed with the next steps towards launching share sales.

NSE filed its draft red herring prospectus with SEBI on June 17, reviving a listing plan that had been held up since 2016 by regulatory scrutiny and legacy legal issues.

NSE’s listing ambitions had been delayed by investigations related to its co-location and dark-fibre facilities, as well as other regulatory matters. The clearance follows NSE’s settlement of past lapses with SEBI, removing a major obstacle.

Rival BSE, which went public in 2017, has seen its shares surge 28-fold.