India’s National Stock Exchange of India Ltd (NSE) is targeting a valuation of up to 5.26 trillion rupees, equivalent to roughly US$55 billion, for its planned initial public offering. The exchange intends to price the shares between 2,000 and 2,100 rupees each. The IPO will consist entirely of a secondary sale, with existing shareholders expected to off‑load as many as 148.9 million shares, which represents about 6 % of the company’s total equity.
NSE has engaged a syndicate of 20 banks to manage the transaction. The exchange has largely completed its global investor roadshow, having met with approximately 120 international investors across major financial centres; meetings in the Middle East remain pending. Notable participants in the roadshow include BlackRock, Capital Group and GQG Partners.
Regulatory approval for the offering was delayed by roughly three weeks due to revisions in the list of selling shareholders. Following the approval, the IPO is now expected to be launched in the second half of September. If the shares are priced at the top of the indicated range, NSE would rank sixth worldwide among exchange operators by market value.