Sources: NSE IPO DRHP may get SEBI approval within two weeks

The National Stock Exchange of India (NSE) is looking at a valuation of ₹5.2 lakh crore to ₹5.3 lakh crore, and the IPO could be priced in the ₹2,100 to ₹2,300 per share range, sources told CNBC-TV18.

According to the sources, the draft red herring prospectus (DRHP) for the NSE initial public offering may receive approval from the Securities and Exchange Board of India (SEBI) within two weeks. The launch of the offering is expected in September.

NSE’s proposed listing has been closely watched as one of the most significant market events in India. The exchange has been preparing for a public market debut, and the latest timeline points to a possible step forward once regulatory clearance is received.

The attention reflects NSE’s standing in the market: it is India’s largest exchange by trading activity and one of the world’s largest derivatives venues by contracts traded, and its listing would be the first for an Indian stock exchange since rival BSE went public in 2017, giving investors direct exposure to India’s market infrastructure.

NSE’s path to the public market has been long. The exchange first filed draft papers for an IPO in 2016 but shelved the plan in 2018 amid a regulatory investigation into its co-location facility, and it revived the effort this year after shareholders cleared the proposal through an e-vote in February 2025. The current offering is structured as an offer for sale by existing shareholders rather than a fresh issue of capital, according to the exchange’s draft papers.

The sources cited by CNBC-TV18 also indicated the likely price band for the issue, though no official announcement has been made by NSE or SEBI. A clearance, formally conveyed as SEBI’s observations on the draft document, would be followed by the announcement of the price band and the offer schedule; timelines can shift until the exchange and its bankers confirm final details.