State Bank of India and Life Insurance Corporation of India Ltd. are likely to be the lead sellers in a potential $2.5 billion initial public offering on the National Stock Exchange of India.
The NSE IPO is likely to be a pure offer-for-sale, with existing shareholders likely to be offered 4%-4.5% of the company’s equity, a person aware of the deal told Bloomberg News on condition of anonymity as the information is private. All 190,000 shareholders of the exchange will be given the option to participate in the OFS, this person said.
According to data published on the exchange’s website, LIC holds 10.72% stake in NSE and Temasek Holdings holds 4.5%. SBI Capital held about 4.5% stake as of December 31, 2025, while SBI held about 3.2%, the data showed.
NSE IPO GMP
NSE shares are being traded ₹2,150 in the gray market, indicating a valuation of approx. ₹With Rs 5.3 lakh crore, the National Stock Exchange has become the world’s fourth most valuable exchange among listed competitors, according to Bloomberg data.
The stock had climbed to a high of almost ₹Rs 2,420 before slipping nearly 20% in June 2025 in unlisted market ₹According to data from Incredmoney.com, 1,920 Nov. The decline was largely attributed to a decline in F&O volumes following a regulatory ban on New York-based quantitative trading firm Jane Street over alleged market manipulation. Shares have since stabilized, helped by improving derivatives activity and improved sentiment around the exchange’s long-awaited IPO.
NSE IPO Committee
The person said the NSE board is likely to form a committee of its top executives and representatives of major shareholders, including LIC and SBI, in a few days to oversee the NSE IPO process. The board is scheduled to meet on February 6 to approve financial results for the quarter ending December 2025 and is also likely to decide on the composition of the committee.
This mandate is expected to include assisting the board in appointing investment bankers, negotiating fees, determining the amount of shares to be sold by existing investors and filing draft red-herring prospectuses. NSE is targeting a timeline of about three months for the filing.
Discussions are ongoing and key details may still change, the person said. Spokespeople for NSE, LIC, SBI and SBI Capital Markets did not respond to requests for comment. Temasek declined to comment.
NSE IPO: Major Financials
NSE, which controls over 75% of India’s derivatives market, reported 15% growth in revenue ₹17,100 crore in FY25, while net profit increased by 44% ₹12,188 crore, providing a net margin of approximately 71%.
On Friday, NSE said it has received regulatory approval to start preparations for the IPO. The approval comes nearly a decade after it first applied for a listing in 2016 – a plan that was halted after allegations of corporate governance lapses and unfair market access were raised by the Securities and Exchange Board of India. The exchange later filed two settlement applications related to the case, offering to pay close ₹1,300 crores.